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Financial Literacy
Financial Literacy
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#Financial literacy#
Flashcards
44 cards
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Practice quiz
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Questions
44
Answers
1
Which of these are a want?
Food
TV
Housing
Money
2
Answer this question
Human capital
Career
Productivity
Earning potential
3
What is an interest rate?
The fee that is paid to borrow money.
The rate lenders charge borrowers for money.
The non-interest portion of a loan.
The paying off debt in regular installments over a period
4
When budgeting, large expenses should be __________________.s
divided equally between all paychecks
paid as they come up
divided between two paycheck
taken from one paycheck
5
A closed-ended loan is _________________.
a personal loan.
a loan that is for single use.
a business loan.
a loan that can be used over and over.
6
Education, training, and experience are some factors that influence earned income.
True
False
7
What is a credit card?
issued by a bank or business allowing you2purchase on credit
The paying off of a debt in regular installments over time
The non-interest portion of a loan.
The fee that is paid to borrow money.
8
What is a credit score?
An average of all of a borrower's credit accounts.
A number that represents how much money a borrower owes.
number that represents the risk a lender takes on a borrower
A score from a test given to borrowers by lenders.
9
The top salary you can make.
Productivityl
Career
Human capital
Earning potential
10
Randy earns $1000 per months and 7.5%of all his sales. This is an example of:
Salary
Commission
Wages
Labor
11
Does the number of credit accounts a consumer holds affect their credit score?
No
Yes
12
What is a loan?
Money borrowed + expected to be paid back w/ interest
The fee that is paid to borrow money.
The rate lenders charge borrowers for money.
The paying off debt with a fixed installments over a period.
13
What is amortization?
Paying off debt in regular installment over a period of time
The rate lenders charge borrowers for money.
The non-interest portion of a loan.
The fee that is paid to borrow money.
14
______________, in a savings account, is calculated as a percentage of what you have saved
Tax
Interest
A fine
Penalty
15
How does a high credit score impact interest rate monthly payment and total price paid4 an item
Raises them
Lowers them
Does not impact them
16
Consumer credit can help a lender determine how much a borrower is charged to borrow money.
True
False
17
Many banks will require a minimum deposit of ____to ______to open an account.
$100, $1,000
$50, $100
$25, $50
$0, $100
18
Trading or selling stock and real estate for profit and selling other assets that gain value overtime
Passive
Earned
Wages
Portfolio
19
An account similar to savings it requires higher balance and has limited checkwriting privilege
Savings
Certificate of Deposit
Checking
Money Market
20
What is interest?
The fee that is paid to borrow money.
The paying off debt in regular installments over time
The rate lenders charge borrowers for money.
The non-interest portion of a loan.
21
An account that allows you easy access to your money and allows the use of checks and debit cards
Certificate of Deposit
Money Market
Checking
Savings
22
What type of loan is a credit card?
Closed-ended
Open-ended
23
What is the Prime Rate?
The fee that is paid to borrow money.
Number of the general level of interest rates in the economy
The rate lenders charge borrowers for money.
The non-interest portion of a loan.
24
Answer this question
Yes
No
25
A _______ allows you to invest your money with a set interest rate for a pre-set period of time.
Savings
Checking
Money Market
Certificate of Deposit
26
The money and benefits lost when pursuing an alternative instead of a mutually-exclusive one
Productivity
Career
Human capital
Opportunity cost
27
Julia earns $40,000 per year. This is an example of:
Wages
Salary
Assets
Commission
28
Earned income is any income earned by:
Investing money
Getting an education
Experience
Working
29
Which influence on spending, deals with the motivation to purchase a product?
Psychological
Social
Personal
Cultural
30
A need is something _____________________.
that is important for you to have.
you do not need to survive.
that is necessary for you to survive.
you would like to have.
31
Credit allows you to?
Receive an item right now and never pay for it.
Purchase an item right now and pay for it later.
Purchase an item right now and pay for it right now.
Pay for an item right now, but receive it later.
32
Who determines consumer credit scores?
The consumer
Lenders
Borrower's bank
Credit bureaus
33
An occupation or profession especially one requiring special training followed as one's life work
Opportunity cost
Career
Earning potential
Human capital
34
The quality or state or the fact of being able to generate, create, enhance or bring forth goods and services
Productivity
Earning potential
Human capital
Opportunity cost
35
Entertainment and dining out are important expenses in a budget and should not be cut.
False
True
36
The three major credit bureaus are Equifaxes, Transunion, and Experions.
True
False
37
Knowing what you want is the first step to avoid falling prey to deceptive advertising.
False
True
38
High productivity will typically get you positive attention and feedback when you are on a job
True
False
39
Money you earn from assets you have purchased or created. Generally recurring income is
Earned
Passive
Portfolio
Wages
40
Which of the following helps to increase earning potential?
Education
Training
Job Specific Certifications
All of these options
41
A budget is an estimate of income for a set period of time.
False
True
42
Early withdrawal of the money in a CD account can lead to substantial financial ______.
penalty
gain
43
What is principal?
The rate lenders charge borrowers for money.
The non-interest portion of a loan.
The fee that is paid to borrow money.
paying off a debt with installments over a period of time
44
An advertisement saying another business has bad service can be an example of
Deceptive comparison
Deceptive description
Deceptive pricing
