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Personal Financial Literacy Flashcards | StudBud
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Personal Financial Literacy
Personal Financial Literacy
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Answers
1
The money or other benefits lost when pursuing a particular, course of action instead of an alternative.
Salary
Opportunity Cost
Earning Potential
Net Wages
2
A sum of money that is borrowed, which is expected to be paid back with interest.
Commission
Gross Pay
A Loan
Net Pay
3
Eligible retired or disabled employees who have contributed to the program will/can receive...
Medicare
Gross Pay
Net Pay
Deductions
4
What governmental agency receives the money from federal tax deductions?
IRS
FBI
CIA
ATF
5
The collective skills, knowledge, or intangible assets of individuals used by employers for economic value
Opportunity Cost
Human Capital
A career
Earning potential
6
Which budget item has the largest allowance?
Credit Card
Groceries
Housing
Car
7
Something that is necessary for you to survive.
A Desire
A Want
A Need
A Hobby
8
What is a credit score?
A number that represents how much money you owe.
An average of all of a borrower's credit accounts
A number that represents the risk a lender takes on a borrower
A score from a test given to borrowers by lenders
9
Which below are forms of earned income?
All of the Above
Salary
Wage
Commission
10
The top salary you can make.
Earning Potential
Maximum Salary
Top of the Top
Human Capital
11
What are deductions on a paycheck?
A direct deposit into your account
Paying on your Amazon Prime Card
Monetary deductions from gross pay
Commission for the month
12
Money paid to an employee from a percentage of their sales.
Salary
Net Income
Commission
Wage
13
Income generated by selling an investment at a higher price than you paid for it.
Portfolio
Earned
Passive
Wages
14
An account that allows you easy access to your money and allows the use of checks and debit cards
Certificate of Deposit
Checking
Money Market
Savings
15
NSF fees stands for...
Needs Secured Forum
Nose Snot & Football
No Selling Farms
Non-Sufficient Funds
16
The time for which an employee is being paid.
Salary
Gross Income
Net Income
Pay Period
17
The quality, state, or fact of being able to generate, create, enhance, or bring forth goods and services.
Earning Potential
Opportunity Cost
Productivity
Human Capital
18
An estimate of income and expenses for a set period of time is called a...
Calculator
Bingo
Budget
Checking Account
19
Who determines your credit score?
Ronald McDonald
Car Dealerships
Credit Bureaus
SpongeBob
20
Any income generated by working...
Earned Income
Investments
Stocks
Mutual Funds
21
What is principal?
Credit Card
The non interest portion of a loan
The total amount of the loan including interest
The head of a high school
22
James earns 10% of every sale he makes. This is an example of:
Assets
Commission
Wages
Salary
23
The two biggest factors for determining your budget are your ____ and ____.
None of the Above
Insurance & Paid Time Off
Income & Expenses
Wants & Needs
24
This is something you would like to have...
A Need
None of the Above
A Want
A Calendar
25
This is an annual sum paid by an employer on a regular basis.
Salary
Commission
None of the Above
Wage
26
A secured loan is backed by....
Money from the financial institution
Money from the government
A promise to repay the loan
Collateral or something of value posted by the borrower
27
What is an interest rate?
The rate lenders charge borrowers for money
How many likes you get on Instagram
All of the above
The rate at which someone pays attention
28
Many banks will require a minimum deposit between $______ to open an account.
$250 to $500
$50 to $100
$1 and $
$1000 to $5000
29
Give an example of a revolving account...
Auto Loan
Home Loan
Credit Card
School Loan
30
This is money paid to you by the hour.
Salary
Wage
Gross Income
Commission
