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Financial Literacy Review Flashcards | StudBud
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Financial Literacy Review
Financial Literacy Review
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Questions
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Answers
1
Covers your property if lost or stolen.
Home Owners
Auto
Disability
Life
2
Insurance is risk management
True
False
3
What is an example of instant gratification
Saving money
Going home to eat lunch to save up for something
None of these
Seeing a shirt and getting it right now
4
What is social security
Benefits for kids
Benefits for individuals over 65 from FICA
Social benefits
None of the above
5
As it relates to taxes a Roth is
Pre tax investment
Both
Neither
Post tax investment
6
Which is not included in a mortgage payment
Property fix fund
Home owners insurance
Principal
Property taxes
7
Covers your income in case you get hurt.
Disability
Auto
Property
Life
8
One example of opportunity cost is
Can not afford lunch because you bought clothes.
Selling a house
Not being able to work full time because you go to college
Buying a house
9
How does scarcity affect a persons wants and needs.
When an item is scarce it is more desirable.
It does not
None of the above.
It makes items less expensive.
10
What is economics
The study of budgeting
The study of peoples psychology
The study of money
The study of limited resources and how people use them.
11
What are personal financial values.
Things you value bevause of how you were raised
How much is in your retirement account
None of the above
How much jewelry you have
12
What can result from problem gambling
Deppression
Bankruptcy
All of the above
Loss of employment
13
Inflation = Cost of goods going down
True
False
14
A beneficiary is someone that benefits from a will.
True
False
15
3 major credit bureaus are Experian, Equifax, and Trans Union
False
True
16
What is PYF
Pay your bills first
Pay yourself first
Pay your family first
None of the above
17
Which factors can influence your decisions?
Peers
Family
All of these
Values
18
The best thing about a 401k is.
None of the above
Matching funds
It is pre tax
It comes from your employer
19
Deflation = Cost of goods going down
False
True
20
You should read all disclosures that are financially related
True
False
21
What is tax money used for
Law enforcement
All of the above
Bridges
Schools
22
What is a long term goal?
Less than 6 months
More than 6 months
23
FDIC insures your bank account up to $350,000
True
False
24
You have the right to choose and be informed
False
True
25
What breaks payments down in interest and principal
FICO
Banks
Ammoritization
Loan Agency
26
What is someone that owns there own business?
None of these
COO
CEO
Entrepreneur
27
NCUA insures your bank account up to $250,000
True
False
28
https is a good thing to look for in online commerce
True
False
29
Who is responsible for your financial decisions
Friends
You
Mom
Dad
30
You have a 30 yr home loan at 3% what type of loan do you have?
Moving
Fixed
Baloon
ARM
31
Auto insurance covers personal items stolen from your car.
True
False
32
A W-2 Lets you know how much tax has been withheld from you throughout the year.
True
False
33
Where does a 401k come from
Your employer
None of the above
Investment firm
The government
34
As it relates to taxes a IRA is
Neither
Pre tax investment
Both
Post tax investment
35
You fill out a W-4 when you get a job to tell your employer how much taxes to withhold.
True
False
36
What is not part of the decision making process
All of these are a part
Gather info
Find the problem
Compare
37
How is a 403B different than a 401k?
It is for a non profit
It is for small business owners
It is for a LLC
None of the above
38
How long is a short term goal?
less than 6 months
more than 6 months
39
Covers you if you run over the ROTC obstacle course in your car.
Auto
Life
Disability
Property
40
What is not part of the smart accronym
Thankful
Attainable
Specific
Measurable
41
Net is the amount of money that you make before taxes.
False
True
42
What is one marketing strategy?
None of the above
Showing up to work late
Going from market to market to get the best price
Placing the items with the highest return at the check stand
43
What is not a component of a financial plan
Net worth statement
All of these are a part of a financial plan.
comparisons
spending all your money
44
FAFSA= Free Application For Student Aid
True
False
45
What controls the United States finances
IRS
Federal Reserve
FDIC
NCUA
46
Transportation, clothing, shelter and food are needs
True
False
47
Which is not one of the three Cs of credit
Collateral
Choices
Capital
Character
48
All Auto insurance covers all accidents
True
False
49
How can social pressures affect your finances
What are social pressures
None of the above
Spending money on things your friends want
It does not
50
The rule of 72 tells you how long it will take to double your investment
True
False
51
Covers or replace a individuals income upon death.
Auto
Life
Disability
Property
52
Using the rule of 72 what is the interest rate needed to double your money in 12 years
6
9
10
8
53
You do not have the right to communicate pos
itive and negative experiences as a consumer
False
True
54
A car, eating out, a big house, and extra clothes are wants
False
True
55
Principal is the original money invested or loaned
False
True
56
Gross is the amount of money that you make before taxes.
False
True
57
Amortization Table Payments show the amount of principal, interest that make up each payment.
False
True
58
An example of a long-term goal would be
Retirement
None of the above
Family Vacation
Buying a used car
59
Which of these do not effect insurance rates
Age
Height and weight
Gender
Marital Status
60
What is FICA
None of the above
Fire Insurance Contribution Act
Federal Insurance Contribution Act
Federal Insurance Can Act
61
TVM states money is worth more tomorrow than today
False
True
62
Insurance that covers damage you cause to someone else property.
Health
Life
Term
Liability
63
What is a 529 Plan
None of the above
Education Fund
Retirement Fund
Bank Account
64
What is delayed gratification?
None of the above
Waiting to get an item until you have saved for it
Starting a checking account
Buying on Credit
65
Bankruptcy will stay on your credit report for how many years.
2
7-10
11
3-5
66
When it comes to finance emotions can make you
Under spend
None of the above
Save
Over spend
67
As it relates to taxes a 401k is
Both
Neither
Post tax investment
Pre tax investment
