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5th grade Financial Literacy Flashcards | StudBud
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5th grade Financial Literacy
5th grade Financial Literacy
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Financial Literacy questions for review.
Flashcards
29 cards
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Questions
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Answers
1
Spending on clothing is what kind of expense?
Variable Expense
Investment Expense
Fixed Expense
Production Expense
2
An economic system that is based solely on government decisions.
Command
Traditional
Market
Mixed
3
What is unemployment?
A person not physically capable of working
A stay at home mom or dad
A retired person
A person without a job but is looking for one.
4
Which of the following are ways to protect yourself from identity theft?
Protect your pin
All of the above
Change passwords frequently
Destroy all password sensitive material
5
Taking money out of your bank account is called...
Deposit
Interest
Withdrawal
Payment
6
The knowledge, skills and talent that people use to do their work is called.
Natural Resources
Human Capital
Capital Resources
Financial Capital
7
When signing a lease to rent an apartment, it is important to do what?
Review and sign quickly
Read and sign it even though you do not agree with it .
Read carefully and sign even if you don't understand it.
Read carefully and only sign when you understand it.
8
An economic system that does not stray from what their ancestors produced.
Traditional Economy
Mixed Economy
Market Economy
Command Economy
9
What should you do on a job application?
Blue or Black Pen
List references
Appropriate grammar
All of the above
10
What is net pay?
The length of time an employee's wages are calculated
Amount of money left after all deductions have been taken.
The amount of pay earned from doing additional work
The total amount of money earned before pay deductions.
11
One way to improve human capital is by...
Attending school
Saving money
Go shopping
Building a factory
12
Jobs usually pay a higher salary when...
They have a job title
More education or skills are required
An ad has been placed online.
People must be interviewed
13
Federal and state income tax returns are due every year on
December 31
January 31
April 15
July 15
14
Why would people want to invest in the stock market?
To make money
To help a company go bankrupt
To lose money
To gamble
15
The payment people receive for the work they do is called...
Interest
Savings
Wages
Profit
16
The circular flow of money in our society is between
Government, Households and Marketplace
Marketplace and Households
Households, Government and other countries
Government and Marketplace
17
Haley can either work at Taco Bell or Skyline. If Haley picks Skyline, Taco Bell is her...
Choice
Interest
Opportunity Cost
Incentive
18
We cannot have everything we want because of
needs
scarcity
opportunity cost
wants
19
Which of the following could you use to buy something now and pay for it later?
Debit Card
Check
Credit Card
Cash
20
Which one of the following is inappropriate during a job interview?
Dress according to job
Answer your cell phone
Thank the interviewer
Be confident
21
When a bank pays someone to save money it is called
Service
Interest
Opportunity Cost
Trade-off
22
Sam earned $3000. He spent $2000. He put $1000 in the bank. This amount is called?
Saving
Profit
Credit
Budget
23
Which is an example of a fixed expense?
Netflix
Gasoline
House Payment
Clothing
24
What is an advantage to buying a house?
Limited expenses for maintenance
Increased responsibility for maintenance.
Lack of ability to make decorating changes
Multiple options for size and location
25
An economic system that uses supply/demand and some government regulation.
Mixed
Market
Command
Traditional
26
Interest rates on credit cards
Depend on age and income
Vary depending on credit score and age and income
Are the same regardless of age or income
Are the same for everyone
27
A plan for managing income, spending and saving is called...
Credit Account
Budget
Investment
Account balance
28
When looking for a house, what should you consider?
All of the above
Schools
Neighborhood
Price
29
What is the best action to take to balance your budget?
Reduce expenses
Get more credit cards
Pay more taxes
Increase expenses
