Financial Literacy - Credit and Debt

Question 1

What is a credit card statement?

Accepted Answer

An online or paper document that shows your credit card spending in a month

Question 2

What would be an example of an expense in your "bake sale budget"?

Accepted Answer

The cost of eggs and flour

Question 3

You have $500 in your bank account. You purchase a $400 toy using your credit card and deposit $300. How much is left?

Accepted Answer

$800

Question 4

Why do some people like to make all their purchases using their credit card?

Accepted Answer

There is a permanent record of their spending and credit cards give rewards

Question 5

What is debt?

Accepted Answer

Money borrowed from an official lender, friend or family member

Question 6

What should you do if you notice an unfamiliar charge on your credit card statement?

Accepted Answer

Call the bank immediately

Question 7

Some apps can help people budget

Accepted Answer

True

Question 8

Other than tracking their savings, what is another reason a person may make a budget?

Accepted Answer

To see if they can afford a lifestyle change

Question 9

What is credit?

Accepted Answer

The ability for a customer to obtain goods and services before payment

Question 10

You have an opening balance of $2,000 in your bank account and you withdraw $500 in cash. How much is left?

Accepted Answer

$1,500

Question 11

your credit limit can change over time

Accepted Answer

True

Question 12

If you pay your credit card statement in full, you will you have to pay interest payments

Accepted Answer

False

Question 13

What is a budget?

Accepted Answer

A plan to manage income and expenses over a certain period of time

Question 14

You have $7,200 in your bank account. You deposit a $400 cheque and withdraw $100 in cash. How much is left?

Accepted Answer

$7,500

Question 15

Most adults use some sort of budget

Accepted Answer

True

Question 16

If Mr.Butler has already reached his credit limit of $2,000, how will he need to pay for his groceries that month?

Accepted Answer

Cash or a debit card

Question 17

What is the source of most people's Income?

Accepted Answer

Salary and Investments

Question 18

Joe has a credit limit of $2,000. He wants to buy a $2,100 T.V. on his credit card. Can he?

Accepted Answer

False

Question 19

All budgets look the same

Accepted Answer

False

Question 20

What is the basic formula for adding up numbers on Google Sheets

Accepted Answer

=SUM( )

Question 21

You have $300 in your bank account. You withdraw $100 and deposit $150. How much is in your account now?

Accepted Answer

$350

Question 22

If you were having a bake sale to raise money for charity, would it be smart to create a budget?

Accepted Answer

True

Question 23

What is Financial-Well being?

Accepted Answer

The ability to comfortably meet all your financial commitments and needs

Question 24

Everyone who gets into debt is not financially literate

Accepted Answer

False

Question 25

What would be the income from your bake sale?

Accepted Answer

The money you make from selling baked goods

Question 26

You have $500 in your bank account and you use your credit card to buy a $1,000 baseball card. How much money is left?

Accepted Answer

$500

Question 27

Natasha Jones has lost her credit card. What should she do immediately?

Accepted Answer

Call the bank and cancel the card

Question 28

What is a credit limit?

Accepted Answer

The amount of money you can put on your credit card before it gets declined

Question 29

What is a not a common expense for adults?

Accepted Answer

burning money

Question 30

You have $1,200 in your bank account. You purchase a $5.00 bag of candy (13% sales tax no included).How much money left?

Accepted Answer

$1,194.35

Financial Literacy - Credit and Debt

Questions 30

Financial Literacy - Credit and Debt

Questions 30