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Financial Literacy Unit Test Flashcards | StudBud
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Financial Literacy Unit Test
Income/Salary is...
Debit is...
Financial Literacy Unit Test
25 terms
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StudBud Administration
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Use this Quiz to study for your Financial Literacy test!
Flashcards
25 cards
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Questions
25
Answers
1
Debit is...
Earning or adding money to your account
Taking away or spending money from your account
2
Income/Salary is...
The payment received for work or services performed
The cost of a product or service
3
When someone is in debt, it means...
they have lots of extra money.
they owe someone money.
they should open a business.
they have really cool stuff.
4
A sales receipt...
tells you how much money you owe a credit card company.
tells you when items are on sale.
tells you how much money you spent and what items you bought
5
What happens if you don't pay off your credit card bill by the end of the month?
You will have to pay interest.
Nothing happens.
You will have to pay the same amount next month.
You no longer have to pay the bill.
6
True or False: The longer I keep money in a savings account, the more money I will earn.
True
False
7
A budget is...
A written plan telling you how much you owe on a credit card
A written plan meant to manage income, spending, and savings
The cost of borrowing money
8
When you borrow money, you are in...
surplus
debt
9
Expenses/Spending is...
The payment received for work or a service
The cost of a product or service
10
A luxury is...
something you want.
something you need.
11
A surplus is...
when you owe money
when you have extra money
12
True or False: Everyone has the same spending plan.
False
True
13
True or False: My needs are more important when shopping than my wants.
True
False
14
You should keep a sales receipt...
as long as you need proof of purchase
until you leave the store
until you get home
15
Is it okay to buy everything you want?
Yes, MS. RUSS NEEDS 500 DOGS!
No, Ms. Russ needs to be responsible :(
16
What is an item that you absolutely need?
A necessity
An accessory
A nursery
17
The more money you borrow...
The less money (interest) you owe.
The more money (interest) you owe.
18
True or False: If you run out of allowance, you can expect your parents to give you more.
True (FREE MONEY!)
False (NO MORE FREEBIES)
19
What does money collect over time in a savings account?
Debt
Baseball Cards
Interest
20
What is a credit limit?
The name of a credit card company.
The amount of money you can spend on a credit card.
The surplus of money you have in your bank account.
The black stripe on the back of the credit card.
21
When you use a credit card, you are actually...
using money from your own bank account.
getting free stuff.
borrowing money from the credit card company.
22
A statement from your credit card provider...
Tells you what others are spending nearby.
Tells you how much you have spent, and what you owe.
Tells you what you should buy next.
Tells you how awesome you are.
23
What can happen if you do not pay back money you owe on a credit card or a loan?
Nothing at all.
The credit provider or bank will give you more money.
The credit provider or bank can take your possessions.
24
If Ms. Russ pays $20 for a share of stock, and the next day it is worth $30, she...
can sell the stock for $30, and make a profit of $10.
can sell the stock for $30, and make no profit.
can only sell the stock for $20.
25
Credit is...
A budget
Taking away or spending money from your account
Earning or adding money to your account
