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Financial Literacy Quiz 1 Term 3 Flashcards | StudBud
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Financial Literacy Quiz 1 Term 3
Financial Literacy Quiz 1 Term 3
22 terms
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StudBud Administration
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Bank of questions
Flashcards
22 cards
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Questions
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Answers
1
Which of the following utilities may be billed separately from your rent?
All of the above
Water
Cable
Electricity
2
Definition of 24 pay periods
Semi Monthly
Bi-Weekly
Weekly
Monthly
3
A person’s take home pay (pay after taxes) 5.D.01.02
Gross Pay
Adjusted Net Pay
Net Pay
Adjusted Gross Pay
4
You see a pair of jean for $109.92, no money in your budget. Should you use your credit card?
No
Yes
Sure my teacher will give me the money
Sure I want to pay even more including interest
5
A budget can help you reach a financial goal by:
Giving you the tools to change expenses
Showing you how you can earn more income
Allowing you to see where you can cut back on spending
Never growing up
6
A debit card is... 5.E.01.01
A card that lets you buy goods on a promise to pay later
A card which you can only make online purchases
Like a credit card, but it takes money directly from account
7
An ___________ occurs when withdrawals have gone over the available amount.
Bank Statement
Bad Check
Cleared Check
Overdraft Fee
8
Preparing a budget is:
Not necessary
Something you only have to do once in a lifetime
An ongoing process
Not an effective way to save money
9
A credit card is... 5.E.01.01
A card which you can only make online purchases
Like a credit card, but it takes money directly from account
A card that lets you buy goods on a promise to pay later
10
A ___________ is a document published by your bank that details all transactions for the month.
Bank Statement
Overdraft Fee
Bad Check
Cleared Check
11
You pick up tab at Olive Garden, not enough in food budget. Take excess from what budget?
Take from Rent Budget
Take from Vacation Budget
Take from Cell Phone Budget
Take from Car Budget
12
A
program in which the government provides money to people who are disabled, or retired
Savings Acct
Social Security
Pension
Medicare
13
Why is it harder to estimate expenses than to estimate income?
Your income will never change
Expenses often change more from month to month
You will never earn an income
Expenses are edged in stone
14
Which of the following is an example of regular income?
A full time job
A graduation gift
Investment or rental income
Bank account interest
15
A person’s pay
before
taxes are taking out 5.D.01.02
Adjusted Net Pay
Net Pay
Adjusted Gross Pay
Gross Pay
16
A budget is... 5.A.01.04
A bank account where the depositor can write checks.
A share in a corporation, gives you a stake in the company
A sum of money to be used for a particular purpose
The same thing as a savings account
17
What are some typical expenses for a person just starting out in a rental apartment?
Mortgage payment
Rent, renters insurance, transportation, utilities
Interest income, tax refund
Insurance Payments, health and car
18
Definition of 26 pay periods
Semi Monthly
Weekly
Bi-Weekly
Monthly
19
How much money should you save each month?
Only save your spare change
Save $50 from every paycheck
Always save 10% of your income
You must decide what you can afford
20
Money in your emergency fund could be wisely used:
To lend to a friend
To put money down on a new car
To pay for unforeseen expenses
To buy a new blouse or video game that went on sale
21
I have cash in my pocket, but I use credit card and pay at end of the month. What am I doing?
ESTABLISHING CREDIT
ESTABLISHING CREDIT
ESTABLISHING CREDIT
ESTABLISHING CREDIT
22
A checking account is... 5.A.01.04
A share in a corporation, gives you a stake in the company
A bank account where the depositor can write checks.
The same thing as a savings account
A sum of money to be used for a particular purpose
