A plan for how you will spend the money you receive

What is a business credit?

When a company can buy something and pay for it later

A savings account that earns a fixed interest rate over time

A debt issued by a seller to a buyer

What is compound interest?

Interest that is reinvested to gain more interest

An authorized user of a credit card means

Permission to use someone else’s line of credit

In cryptocurrency, what is a fork?

When a blockchain users create a new path by changing the rules.

A financial institution where you can save and borrow money

What do the blocks mean in the blockchain?

They are individual records linked together called a chain

The right to possess a product or business

What are Net 60 business accounts?

Accounts that let you pay what you owe 60 days from the invoice

Why does food not have appreciating value?

Because when you eat it it’s gone forever

What is cryptocurrency?

Decentralized digital money that uses blockchain technology

The “rule of 72” tells you

How long it will take to double your money

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Gilded Scholars Financial Literacy #2

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Questions 100

Answers

1
There are children who are millionaires with their own business.
True
False
2
Do kids have to pay sales tax?
No just adults
Sometimes
Only if your 18 years old
Yes if you buy something
3
What is a budget?
A plan to gamble
A plan to donate your money
A plan for how you will go broke
A plan for how you will spend the money you receive
4
Renting a car is better than buying a car
False
True
5
Always keep credit utilization below
100%
30%
50%
0%
6
Money is also called
Currency
Credit card
Collateral
IOU
7
What is a business credit?
When you open a business
When a company can buy something and pay for it later
A bad credit card
When a company goes bankrupt
8
Can kids start their own business?
They are too young
When you turn 18
No
Yes
9
What is a CD?
A bunch of songs that I don’t like
A savings account that earns a fixed interest rate over time
Who cares, I rather not know
I don’t know
10
A coin that is backed by non digital currency is called a
Bitcoin
Stable coin
Altcoin
Ethereum coin
11
What is an invoice?
A deposit
A lot of money
An instrument
A debt issued by a seller to a buyer
12
Buying a large number of products for a cheaper price to sell is called
Wholesale
Expensive
Clearance sale
Resell
13
If you own stock you own part of the
Sandwich
Land
Company
Real estate
14
What is compound interest?
A party of interest
Money that you get if you win
Interest that is reinvested to gain more interest
Interest that is multiplied then divided
15
An authorized user of a credit card means
Permission to use someone else’s line of credit
Permission to
16
If you sell 100 cups of lemonade to 100 people for $1.00 on Saturday and 100 more people Sunday how much did you make?
$301 dollars in two days
$300 dollars in 2 days
$200 dollars in 2 days
$100 in 2 days
17
Any coin that is not Bitcoin is called an
Altcoin
Awesome coin
Alto coin
Ethereum coin
18
What is income?
Money that you lose
Money you can’t find
Money that you receive
Insurance money
19
In cryptocurrency, what is a fork?
When a computer eats the cryptocurrency
The opposite of a spoon
When the blockchain users keep the rules the same
When a blockchain users create a new path by changing the rules.
20
What is a bank?
A place where you
A financial institution where you can save and borrow money
21
Paying to borrow something temporarily is called
Renting
Loan
Borrowing
Mortgage
22
What do the blocks mean in the blockchain?
They are individual records linked together called a chain
Digital money we never use
Linking bank accounts together
Colorful blocks stacked together
23
A fork of bitcoin created what new cryptocurrency?
Dimes
Bitcoin cash
Quarters
I don’t know
24
A secured credit card helps you build
Friendships
Legos
Credit
Cash
25
An independent owner who operates a franchise
Fire man
Assistant manager
Police man
Franchisee
26
Making money by letting people rent your house while on vacation is called a
Beach
Mortgage
Vacation rental like Air BNB
Apartment
27
Who insures your stocks on the stock market?
The bank
No one
Insurance companies
The president
28
If you spend all your time watching TikTok, toys and video games you are
Turning into a youtuber
Working hard
Losing time and money
Getting smarter and making money
29
Understanding how money works is called
Being a customer
Spending your paycheck
Ignoring the knowledge in this quiz
Financial literacy
30
What is ownership?
The right to possess a product or business
When someone else takes your business
To drive a spaceship
Sailing a boat
31
Property and land has appreciating value
False
True
32
Money rewarded to a student to support their education is called a
Deposit
Investment
A business loan
Scholarship
33
What are Net 60 business accounts?
Accounts that let you pay what you owe 120 days from the invoice
Accounts that let you pay what you owe 60 days from the invoice
Accounts that let you pay what you owe 30 days from the invoice
Bank deposits
34
A place to store your cryptocurrency is called a
Digital video game
Bank
Digital Wallet
Purse
35
When you report your tax liabilities you have completed your
Dinner
Tax returns
Test
Homework
36
Why does food not have appreciating value?
Because it’s your food
Because it’s too hot
Because when you eat it it’s gone forever
I don’t know
37
Keys that work just like a bank account number are called
Car keys
House keys
Private keys
Public keys
38
A type of business license is called an
LLB
LLE
LLG
LLC
39
Tax by the government on the sale of goods and services
Sales tax
Property tax
Debt
Taxi
40
A computer that connects to a blockchain network is called a
Rode
Node
Code
Load
41
Putting money aside for the future is called
Saving
Losing money
Forgetting it
Hiding money
42
What is cryptocurrency?
Decentralized digital money that uses blockchain technology
Fake money
Money that you can’t spend at the grocery store
Decentralized currency in a joint account
43
Assets passed from one generation to another generation are called?
Private investments
Debt
Asset protection
Generational wealth
44
A business that licenses its products and services to others is called a
Franchise
Asset
Liability
LLC
45
Food as appreciating value.
False
True
46
Some designer watches and purses have appreciating value
True
False
47
The rich get richer and the poor get ________
Poorer
McDonalds
Rich too
Sleepy
48
Burger King, Wendy’s, McDonald’s and Starbucks are all
LLC’s
Closed
Banks
Franchises
49
A document that explains the operations and financial objectives of a company is called a
Escape plan
Business card
Business plan
Travel plan
50
The “rule of 72” tells you
How to make 72 dollars
How long it will take to double your money
When you will be 72 years old
How to multiply 8x9
51
Encrypted codes that allow direct access to your cryptocurrency are called
Car keys
House keys
Private keys
Public keys
52
Digital money is also called
Cryptocurrency
Computerized cash
Digital dollars
Currency
53
A school that provides higher education and professional training is called a
College
High-school
Middle school
Prison
54
What is the one thing you can NOT buy with money?
An island
Big houses
Fast cars
Time
55
When do we pay sales tax?
Twice
Never
Every time we buy something
4 times
56
Another name for vendor is
Supplier
Bus driver
Cook
Vampire
57
What is a vendor?
A large truck
A supplier of goods and services
A person who borrows money
A vending machine
58
What are stocks?
Boxes of food and supplies
Securities that represent ownership of a company
Large branches
Money a company gives you
59
How often do we pay property taxes?
Once a day
Twice a year
Once a month
Once a year
60
Cryptocurrency has a very high
Chance of growing fast
Volatility
Price
Building
61
What are Net 90 business accounts?
Accounts that let you pay what you owe 90 days from the invoice
Accounts that let you pay what you owe 30 days from the invoice
Accounts that let you have free stuff
Accounts that let you pay what you owe 60 days from the invoice
62
The total value of your assets minus what you owe is called?
Assets
Net 30
I don’t know
Net worth
63
Hundreds of black businesses in the Greenwood district of Tulsa, Oklahoma
I dont know
Black Wall Street
Purple Wall Street
White Wall Street
64
What is a business partnership?
A business with just 1 owner
When 2 or more co-owners run a business together
The answer might be 2 or more co-owners
When 2 or more people create a bank account
65
What is a secured credit card?
Same as an unsecured credit card
A Kroger card
A gift card
A credit card backed by your own money
66
You can use your birthday money to start your own business.
False
True
67
What does SBA stand for?
Small Business Administration
Sugar Bread Apples
Saving business Assets
Soccer Ball Admistation
68
What is a blockchain?
Blocks stacked up together
Building blocks connected to a chain
Digital money used to buy blocks
A digital recording of transactions
69
What is an EIN?
Employer identification number
Elephants in nature
Employer incident notice
I don’t know
70
If you rent a house or car it is a
Business
Real estate
Asset
Liability
71
What is simple interest?
Interest that is simple to use
Interest that is collected by the government
Interest that simple people don’t understand
Interest that is applied only to the original amount of money borrowed
72
A franchisee has to pay a ______ to use a company trademark
Fee
A lot of coins
Dollar
$1,000 dollars
73
Can kids have a credit card?
Yes but only if you are an authorized user.
When you turn 18 years old
Only if you have a job
No
74
Using small amounts of money from a large number of people for a new business is called
Fundraiser
College fund
Group funding
Crowd funding
75
The abbreviation for Real Estate Investing is?
REO
SEI
REI
REII
76
What are Net 30 business accounts?
Accounts that take all your money
Accounts that let you pay what you owe 60 days from the invoice
Accounts that let you pay what you owe 90 days from the invoice
accounts that let you pay what you owe in 30 days from the invoice
77
Money grows on trees
False
True
78
If you rent a house, apartment, car you will never own it.
False
True
79
The 1st block of cryptocurrency was called the
Revelations block
Second block
First ever block
Genesis block
80
How many kids fail financial literacy tests?
4 out of 5 kids
1 out of 1,000,000 kids
10 out of 15 kids
1 out of 100 kids
81
Appreciating value means
The value stays the same
The increase in value of an asset over time
Customers appreciate your business
The decrease in value of an asset over time
82
NFTs stand for
Non fungible Tesla
Non-fungible tokens
New favorite tokens
Not for two people
83
What does IRS stand for?
Internal Revenue Service
I read sometimes
I respect sisters
Internal Review Statement
84
Rare cars have appreciating value
True
False
85
On what website do you find federal government contracts?
I don’t know.com
Walmart.com
TikTok
Sam.gov
86
What does “buy the dip” mean?
Buying different stocks
Purchasing an asset when it goes up in price
Paying to jump in a pool
Purchasing an asset when it’s drops in price
87
What is a LLC?
Limited Liability Company
Legal limit car
Limited Liability Computer
Legal limitation controller
88
McDonald’s is also a franchise.
False
True
89
Buying a house is better than renting a house
False
True
90
Working with 2 or more people to make money
Triplets
Partnership
Duo
Entrepreneur
91
Coins that are used for digital art and collectibles are called
ARTs
DGTs
CRTs
NFTs
92
Stocks, bonds, real estate and family businesses are all called
Family history
Corporations
Liabilities
Assets
93
You cannot buy the time back you spend doing nothing
True
False
94
What does a CD stand for?
City of Ducks
Couple of dollars
Certificate of deposit
Credit debt
95
An 8 block long street in the financial district of lower Manhattan in New York City
A bad neighborhood
The moon
New York Street
Wall Street
96
What is the best credit utilization %
100%
50%
Over 10%
Below 10%
97
When something you buy is worth more than you paid, it has
Gold in it
Problems
Equity
Appreciating value
98
The process of making new crypto coins available is called
Building
Mining
Process
Digging
99
What is a grant?
A loan that has to be paid back
Money rewarded to a person or organization that you don’t have to pay back
A debt that means you owe someone
A student loan
100
What does a LLC do?
Protects owners from person responsibility for its debts or liabilities
Allows you to get a new job
Makes you alot of money
Makes you work harder

Gilded Scholars Financial Literacy #2 Flashcards | StudBud