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Financial Literacy #1 Flashcards | StudBud
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Financial Literacy #1
Financial Literacy #1
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Financial Literacy Semester Final Review
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
When applying for a job, you should:
all of the above
provide a resume & cover letter
Present yourself well
follow up with the employer
2
Since you are a teenager, what you do now will have little effect on your financial future
False
True
3
Percentage of college students that graduate with student loans:
90
25
30
66
4
Setting up automatic account transfers is the easiest way to build your savings for emerg. fund
True
False
5
A written budget, if followed, removes _______ from your finances.
management by crisis
overspending
all of the above
guilt
6
A ______ plan allows for employees to defer compensation on a before-tax basis for investment.
403k
401k
401b
403b
7
What is the difference between gross pay and net pay?
net pay describes your pay after deductions
gross pay describes your pay after deductions
none of these
gross and net are the same
8
When a company hires you, you will fill out a ? form - how much tax should be w/h from paycheck
W-4
1040
W-2
1040EZ
9
Life insurance policy for a specific period of time is called:
Term
Universal
Level
Whole Life
10
Early work experiences prior to your career job really have no benefit other than small income.
True
False
11
Most americans today are wealthy and will have financial security when they retire.
False
True
12
The average repayment period for a student loan is:
20 years
10 years
5 years
15 years
13
The government relies on taxes to:
pay for services (roads, edu, social service)
burden the public w/ extra responsibility
all of the above
remind citizens of the gov. powers
14
The number one cause of divorce in North America is stress & disagreements over money.
False
True
15
A credit score is intended to measure:
the amount of money you have in the bank
your income level
risk of your not repaying debt
your financial resources
16
Percentage of Americans living paycheck to paycheck:
40
70
50
17
The IRS is the federal government agency responsible for:
filling out your tax forms
keeping the unemployment rate low
tax collection and tax law enforcement
writing tax laws
18
The day that income tax filings are due in the U.S.
June 15
December 1
April 15
January 1
19
Which of the following is not a need?
Food
Eating out
Housing
Utilities
20
When developing financial plan, you should assess your current financial situation.
False
True