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SLC Financial LIteracy Flashcards | StudBud
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SLC Financial LIteracy
SLC Financial LIteracy
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Questions
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Answers
1
What is the best option?
Rental housing
Buying a home with a mortgage
2
What is the primary purpose of a budget?
To avoid taxes
To reduce debt
To monitor and control expenses
To increase income
3
What part of the monthly income is recommended to be saved?
10-20%
5-10%
more 20%
less 5%
4
What is inflation?
A decrease in the price of essential goods
The total money supply in a country
A rise in the general price level of goods and services
An increase in the value of money over time
5
What is the purpose of an emergency fund?
To cover unexpected expenses like medical bills
To buy luxury items without a loan
To use as a retirement fund
To invest in high-risk stocks
6
What is the concept of "Financial literacy"?
Investing and passive income
The ability to count money and keeping all savings in cash
Knowledge and skills to make informed financial decisions
Ability to use online banking
7
In what cases is it acceptable to take out a loan:
A loan for the sake of earning
Тreatment
Journey
Еducation
8
Loans are bad
True
False
9
Which is the safest way to save money for an emergency fund?
Spending it on gold or jewelry
Placing it in a savings account
Investing it in the stock market
Keeping it in cash
10
What does a credit score represent?
Your ability to repay borrowed money
The number of credit cards you own
The amount of money in your bank account
Your total monthly income
