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Financial Literacy Flashcards | StudBud
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Financial Literacy
Financial Literacy
20 terms
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Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
A budget helps you track how much money you spend and save.
True
False
2
If you get $20 and save $5, how much are you spending?
$5
All of it
$15
$10
3
What should you do when you get your first paycheck?
Buy a llama
Save some and make a budget
Post it on Instagram
Spend it all on clothes
4
Earning money from a job is called income.
False
True
5
It’s okay to borrow money and never pay it back.
True
False
6
Having a plan for your money is boring and for adults only.
True
False
7
If something is on sale, that means you
have to
buy it.
False
True
8
Why is it important to know your credit score?
It’s not important
It can affect your ability to get a loan
Everyone has the same score
It helps you win prizes
9
Needs and wants are the same thing.
False
True
10
It’s better to learn about money now than wait until you're older.
False
True
11
It's smart to have an emergency fund.
False
True
12
What happens if you spend more money than you make?
You get rich
Nothing happens
You get a bonus
You end up in debt
13
Investing means putting money in something that could grow over time.
False
True
14
Credit cards are free money.
True
False
15
Which of these is a "need"?
Video games
Cell phone bill
Concert tickets
Fancy shoes
16
Saving even $1 a day can help build good money habits.
False
True
17
A debit card pulls money directly from your bank account.
False
True
18
What is the difference between a “want” and a “need”?
Needs are snacks
Needs are things you like to wear
There’s no difference
Wants are things like WiFi and Netflix
19
What should you do if you want to buy something expensive?
Save up over time
Borrow from 10 friends
Charge it and forget about it
Yell until someone buys it for you
20
What is a budget?
A shopping list
A plan for managing your money
A way to earn money fast
A type of bank