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Financial Literacy Flashcards | StudBud
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Financial Literacy
Financial Literacy
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Questions
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Answers
1
What is the acct. worth after 1 year that started with $1000 and earned 12% yearly interest?
$120.00
$1012.00
$12.00
$1120.00
2
If you pay a "premium", what are you paying?
Insurance
Deductibles
CoPays
Taxes
3
Credit Unions are interested in helping their members more than making a profit.
True
False
4
Investing in high risk stock can be a way to gain this type of return.
High
Low
5
Who should an individual contact if he wants to purchase stock?
NY Stock Exchange
NASDAQ
Real Estate Agent
Brokerage Firm
6
A low credit score will result in _________ interest rates on loans.
Higher
Lower
7
Who should purchase renters insurance?
Adults
Parents
Tenants
Landlords
8
To determine the best value between frozen, canned, or fresh peaches, use this tool.
UPC Code
Price
Unit Price
Product Label
9
Government assistance programs are funded by what source?
Taxes
Government
School Districts
Wealthy Donors
10
The cost of an item charged to your credit card will increase if you pay the _____monthly.
Grace Period
Final Statement
Minimum Payment
Full Balance
11
Which tool is useful when comparing value of items on the grocery shelf?
Generic Brands
Consumer Price Index
Price per Box
Unit Price
12
Which savings tool is most liquid?
Checking Account
Roth IRA
Certificate of Deposit
Money Market Acct.
13
This banking institution has members.
Credit Unions
Commercial Banks
14
"To transfer risk" is the main reason for purchasing this.
Stocks
Bonds
Certificat of Deposit
Insurance
15
A diversified portfolio _____________ risk.
Decreases
Increases
16
(Installment Loans + Revolving Debts) divided by Gross Income is the formula for what?
Debt to Income Ratio
Credit Score
Liability
Net Worth
17
What is the final cost of a $35.00 meal with 8% tax and 20% tip?
$7.80
$44.80
$41.80
$45.20
18
Assets minus liabilities is the formula for.....
Debt-to-Income Ratio
Diversification
Installment Loans
Net Worth
19
Commercial banks are interested in helping their members more than making a profit.
False
True
20
Refraining from placing any financial information in the trash will protect you from.....
FICO Scores
High Interest Rates
Mean Bankers
Identity Theft
21
A lender would decide on your eligibility for a loan by reviewing your_______
Responsibility
Accounts
Relatives
Credit Score
22
What is the age requirement to be eligible for Medicare?
72
65
50
35
23
To "pay yourself first" means to put money aside from each paycheck for......
Insurance
Spending
Bills
Savings
24
Gross Pay is the amount you receive in your paycheck after all the deductions have been made.
True
False
25
Taxes are taken out a Roth IRA when the money is ....
Withdrawn
Penalized
Invested
Compounded
26
A "diversified" portfolio is invested in a variety of investment tools.
True
False
27
How long will it take your money to double at 12% interest using the Rule of 72?
12 years
5 years
6 years
7.2 years
28
This form tells an employer how to determine federal tax withholdings for each employeed.
W2
W4
1040EZ
I9
