ability to make purchases with the promise that the money will be re-payed

What is interest rate? (APR)

percentage you pay on the outstanding balance

Financial Literacy helps you to _____.

understand basic financial concepts

Financial Literacy is the possession of_____.

the set of skills to make informed decisions with financial resources

What is a credit limit?

max amount the issuer lets you charge

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Financial Literacy

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Questions 25

Answers

1
What is an example of a need?
concert tickets
dinner at that really good noodle place
rent
emergency fund
2
Expenses that remain the same are called?
Fixed
Varriable
Static
Level
3
What is credit?
how much money you have borrowed with a credit card
ability to make purchases with the item being given back
negative score that is given when a credit card is used
ability to make purchases with the promise that the money will be re-payed
4
What is the 50/20/30 broken down to?
Housing, bills, and savings.
Needs, wants, and bills.
Needs, wants, and savings.
5
What do you think the 20 is for?
needs
wants
savings
6
Why is having a budget so important?
It helps you stay out of dept.
All of the above.
It helps you not overspend.
It makes sure you have enough money for necessities.
7
What is the first step of making a budget?
Make goals.
Make an emergency fund.
Track your spending.
Find your income.
8
What is the outstanding balance?
amount of money you owe on a credit card statement
amount of credit cards you own
amount of charges on a credit card
amount of money still to repay
9
What is interest rate? (APR)
percentage you owe
percentage you pay on the outstanding balance
percentage you pay on the credit limit
percentage of the interest of the money
10
If an unexpected expense comes up what should you do?
Ask a friend for money.
Use your credit card.
Use your emergency fund.
11
What do you think the 50 is for?
needs
savings
wants
12
What percent of Americans do you think are "financially illiterate"?
30%
57%
15%
91%
13
What is something savings should be used for?
grocery shopping
fixing a flat tire
gas money
dinner
14
Why is having an emergency fund important?
Money Saved When a Paycheck didn't come in
Money Saved to Fix a Flat Tire
All of the above
Job Loss
15
Financial Literacy helps you to _____.
set up a global economy
decide what to spend your money on
understand basic financial concepts
understand the economy
16
Financial Literacy is the possession of_____.
the set of skills to make bad decisions with financial resources
the list of ways to make more money
ways to spend your money
the set of skills to make informed decisions with financial resources
17
Credit cards are bad.
True
False
18
What is a credit limit?
max amount of credit cards that you can hold
max amount the issuer lets you charge
max amount the issuer lets you go in debt
max amount of charges on a card
19
What is the 50/20/30 rule?
income
money
spending
budgeting
20
What do you think the 30 is for?
wants
needs
savings
21
What is an example of fixed expenses?
Car Payments
Gas
Food
Credit Card Payments
22
What percent of Americans do you think have no emergency fund?
0%
100%
25%
75%
23
What is one important rule in Financial Literacy?
the Washington rule
the 50/20/30 rule
the money rule
the Federal Spending rule
24
Why are credit cards good?
Protect against fraud.
Reward programs.
All of the above.
They build credit history.
25
What percent of Americans do you think spend with no set budget?
10%
95%
60%
30%

Financial Literacy Flashcards | StudBud