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Financial Literacy Q Flashcards | StudBud

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Financial Literacy Q

10 terms·StudBud Administration·9 plays

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Questions 10

Answers

1
Why is financial literacy important?
So we can work less
So we can win lotteries
So we can avoid taxes
So we can manage money, save, and invest
2
True or False: The average credit card interest rate in the UAE is 35–40%.
False
True
3
What’s a smart way to use your income?
Income = Expenses – Savings
Spend first, save later
Income × Spending = Wealth
Income – Savings = Expenses
4
What’s the best way to become rich according to the slides?
Borrow from friends
Save consistently and let it grow like a seed
Get a job with a free car
Save money once you feel rich
5
Warren Buffet said:
Spend what’s left after saving
Never save money
Save what’s left after spending
Buy bitcoin, get rich quick
6
What is one major reason people have money problems
No financial education
Too much math
Online scams
High salaries
7
Which of these is a Buy Now Pay Later (BNPL) app used in the UAE?
Apple Pay
Zelle
PayPal
Tabby
8
According to the presentation, why do millennials struggle with finances?
They love social media
Lack of financial responsibility & dislike of math
High rent
Because of poor eyesight
9
What is the 50/30/20 rule?
50% needs, 30% wants, 20% savings
50% income, 30% loans, 20% shopping
50% wants, 30% savings, 20% fun
50% rent, 30% credit, 20% bills
10
Which of the following is NOT a tip from the slides?
Identify needs vs wants
Compare yourself with neighbors
Live below your means
Spend less than you earn