How can you ensure that your essential expenses get paid for?

Recognizing your needs and your wants

Financial well-being is

When you are happy and healthy dealing with the subject of your money

A tool that provides a clear image of your income and expenses

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Financial Literacy Quiz 83066

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Questions 15

Answers

1
Credit card companies may take you to court if
You always pay back your debts before they accumulate interest
You use their credit card at another company's store
You have a credit card but only pay with debit
You don't pay back your bill
2
What is financial responsibility?
Earning less money than you spend
Buying every new iPhone model
Living within your means
Spending more money than you earn
3
Which of the following is a fundamental of financial literacy?
Understanding the consequences of financial irresponsibility
Being financially responsible
All of the above
Understanding how taking care of your finances improves your well-being
4
Which of the following is NOT a key component of financial responsibility?
Budgeting
Investing in cryptocurrencies
Financial awareness
Identifying your needs and your wants
5
Which is NOT a consequence of financial irresponsibility?
Damaged credit history
Less vacation days
Cancelled credit cards
Utility services shut off
6
Why is it important to have a clear image of your income and expenses?
To avoid debt
To see how much extra money you can spend on a designer hand bag
To save for a vacation
To impress your friends
7
How can you ensure that your essential expenses get paid for?
Avoiding taxes
Impulse buying
Recognizing your needs and your wants
Asking your parents for money
8
Financial well-being is
When you get stressed looking at your bank statement
When you are happy and healthy dealing with the subject of your money
When you are confident that you can't pay your credit card bills
When you aren't healthy and happy dealing with the subject of your money
9
Which is a benefit of budgeting?
Eliminating the need to save money
Decreasing your credit limit
Avoiding overspending
Not knowing what to spend your money on
10
Financial well-being helps reduce
How much sleep you get
All of the above
Your energy levels
Stress related to money
11
An example of a need is
Eating out every night
Stopping at Starbucks on the way home from school
A gaming console
Bus tickets to get to work
12
Financial irresponsibility could result in the bank taking away your house
True
False
13
Budgeting is
A type of scam
Your bank's term for saving money
A website where you can hire financial advisors
A tool that provides a clear image of your income and expenses
14
BONUS: Which bank was founded in Nova Scotia?
Bank of Canada
Canadian Imperial Bank of Commerce (CIBC)
Bank of Montreal (BMO)
Royal Bank of Canada (RBC)
15
Financial stress can be caused by:
Legal concerns
All of the above
Family problems
Too much debt

Financial Literacy Quiz 83066 Flashcards | StudBud