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7th Financial Literacy (2025) Flashcards | StudBud
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7th Financial Literacy (2025)
7th Financial Literacy (2025)
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Answers
1
What are the requirements to get a credit card?
You need to be 18 and have income.
It doesn’t matter how old you are you just have to have a job
You need to be 21 and have income
You have to be an adult, but it doesn’t matter if you have income
2
What is a variable expense?
A bill that stays the same every time
Money that you make from your job
A bill that changes every time
The total amount of money you get before anything is taken out (like taxes)
3
What is an example of a fixed expense?
Makeup
Groceries
Rent
Gas
4
What is a budget
A spending plan
The money that comes out of your bank account
It means you have control over your finances
The money you put into your bank account
5
What is a late fee?
It is the amount of interest charged on a credit card balance
The money you have to pay every year for using the credit card
A fee charged to you if you are late with a payment
Fee charged when you withdraw money with the credit card at and ATM or bank
6
What is an APR?
Fee charged when you withdraw money with the credit card at and ATM or bank
It is the amount of interest charged on a credit card balance
The money you have to pay every year for using the credit card
A fee charged to you if you are late with a payment
7
In the U.S. banks are regulated by
The individual states
The national government
Both the national government and the individual states
Individual investors
8
What is an example of a variable expense?
Streaming fee
Groceries
Rent
Car insurance
9
What does it mean to be financially stable?
That you have control over your finances
To not care about your finances
To be rich
To not have control over your finances
10
What are expenses?
A bill that changes every time
The money you make from your job
The things you spend money on
Bills that stays the same amount every time
11
What is a parent-plus loan?
None of these
loan where a borrower isn't responsible for paying interest while in school
A non-need based, low-interest loan with flexible repayment options
A loan that the parent, not the student, is responsible for paying back
12
How much of your money is insured by the FDIC?
$0
$500,000
$250,000
$250,000,000
13
Why did people start keeping money in the banks?
No one actually keeps their money in the bank.
To keep their money safe
They were worried the bank would lose it
Because they thought it would be fun
14
What is financial aid?
It is money to help pay for college or career school
Money you have to pay to go to college
Money to help you pay for whatever you want
The debt you have if you take out loans for college
15
Who insures the banks when they fail?
CCSD: Clark County School District
FDIC: Federal Deposit Insurance Corporation
IRS: Internal Revenue Service
FCC: Federal Communications Commission
16
What is net income?
How much of your paycheck goes into your bank after taxes are taken out
Bills that stay the same amount every time
The total amount of money you get before anything is taken out (like taxes)
A bill that changes each time
17
What is gross income?
The total amount of money you get before anything is taken out (like taxes)
How much of your money goes into your bank after taxes are taken out
A spending plan
Bills that stay the same amount every time
18
What is a full ride scholarship?
A scholarship that does not cover all of your expenses
A scholarship you have to pay back.
It covers all your college expenses
A scholarship that only covers equestrian schools
19
What is an annual fee?
It is the amount of interest charged on a credit card balance
A fee charged to you if you are late with a payment
The money you have to pay every year for using the credit card.
Fee charged when you withdraw money with the credit card at and ATM or bank
20
What is a grant?
Free money that is sometimes based on academic excellence or talent
Some of the best schools in the country with some of the best scholarship
Pretty sure that’s a guy’s name.
a form of financial aid that doesn’t have to be repaid
21
What is a direct subsidized loan?
A non-need based, low-interest loan with flexible repayment options.
loan where a borrower isn't responsible for paying interest while in school
A loan that the parent, not the student, is responsible for paying back
None of these
22
When did the first commercial bank in the U.S. open?
July 4, 1776
January 4, 1782
August 8, 2023
Dec 17, 2024
23
What is a scholarship?
A bank account for college
a form of financial aid that doesn’t have to be repaid
Free money that is sometimes based on academic excellence or talent
Money you have to pay to go to college
24
What is identity theft?
When someone imitates you to annoy you
Someone uses your personal information without your permission to do crime
When someone commits a crime and blames you for it
This isn't a thing
25
What is an ivy league university?
The best schools in the country, but they don’t have very good scholarships
Some of the best schools in the country with some of the best scholarship
The worst universities, but they have the best scholarships
The worst schools in the U.S.
26
What is a loan?
Free money!
Money you borrow with no interest, but you have a due date to pay it by.
Money you borrow and must pay back with interest.
Money you borrow but don’t have to pay back with interest
27
What is a Work-Study Job?
A job that lets you study for school on breaks.
A job where you are employed by your professor to get job experience
A job where you are employed by your professor for extra credit.
It allows you to earn money to pay for school by working part-time.
28
What is a debit card?
A plastic card that allows you to withdraw money from your checking account
A card that lets you borrow from the bank
A card that lets you transfer money into currency from other countries
A gift card
29
What is a cash advance fee?
A fee charged to you if you are late with a payment
The money you have to pay every year for using the credit card
Fee charged when you withdraw money with the credit card at and ATM or bank
It is the amount of interest charged on a credit card balance
30
What is a credit card?
A plastic card that allows you to withdraw money from your bank account
A gift card
A card that lets you transfer money into currency from other countries
A plastic card that lets you borrow money from the bank
31
What is a fixed expense?
Bills that are the same amount every time
Money that you make from your job
A bill that changes every time
The total amount of money you get before anything is taken out (like taxes)
32
What is income?
The bank account with your money in it
The money you spend every month
How much money you make
The money you borrow from the bank.
33
What is an unsubsidized loan?
A non-need based, low-interest loan with flexible repayment options
None of these
loan where a borrower isn't responsible for paying interest while in school
A loan that the parent, not the student, is responsible for paying back
34
What is a checking account?
An investment portfolio
Money that you are borrowing from the bank
Where you save your money and never pay from it
Where you put income from your job
35
What is an over-the-limit fee?
A charge for if you spend over your credit card limit.
A fee charged to you if you are late with a payment
It is the amount of interest charged on a credit card balance
Fee charged when you withdraw money with the credit card at and ATM or bank
36
Why are credit cards dangerous?
It allows you to buy things you can’t afford
They aren’t
They are temptations for thieves
It lets you save money
37
With a debit card you are borrowing money.
False
True
38
How do banks make money?
By buying and selling goods
They lend money to people and then charge fees on those loans
They don’t
They get all their money from the government
