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Financial Literacy for Teens 1 Flashcards | StudBud
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Financial Literacy for Teens 1
Financial Literacy for Teens 1
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Financial Literacy for Teens Book
Flashcards
19 cards
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Practice quiz
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Questions
19
Answers
1
If you can't afford renter's insurance, you
can't afford the place you want to rent
need to take out a loan
shop around for another type insurance
need to charge it
2
The average Social Security payment a person receives today per month is
more than average pay
less than $1,000
over $2,000
more than enough to cover monthly bills
3
People who do not understand the difference between _&_usually struggle with financial problems
food and shelter
nickels and dimes
needs and wants
taxes and insurance
4
The more you make, the more income taxes you will probably pay. This concept is called a
security tax
graduated income tax
three-bucket process
medicare tax
5
A_______is a plan for how you will spend your money?
paycheck
budget
cash journal
credit card
6
Investing in different types of things is called
stuffing your empty pockets
diversifying your investments
a bad decision
dividing your income evenly
7
Health insurance program that is funded by some of your taxes & run by the federal government
FICA
Unemployment Tax
Medicare
State Tax
8
Which items below would depreciate if you owned it (them)?
boat
TV
SUV
all the above
9
One common denominator of most financially successful people is that they
worked part-time when a teenager
quit school before 18
started a business
always have $500 in their pocket
10
An average career will last approximately how many hours if you work for 43 years?
8,600 hours
86,000 hours
1million hours
860 hours
11
When items such as a house or land become more valuable over time, they are said to
depreciate
negotiate
appreciate
appropriate
12
A large retail corporation, Wal-Mart, which is very successful today, was started by
Martha Stewart
Sam Walton
Bill Gates
Donald Trump
13
Credit Card debt and ____are the two most common causes of financial disasters for young people
computer viruses
food cost
automobile cost
debit card debt
14
Health insurance is
unnecessary expense
more important for women than men
only for those with health conditions
a must buy item for your budget
15
The money you make at your job day after day, week after week, is called
unearned income
earned income
disposable income
limited income
16
If you pay your credit card bill on time (every time) you will be
protecting the credit card company from risk
building a good credit record
short of cash each month
losing the interest charged on your account
17
Developing a financial lifestyle that fits the amount of money you will earn in your career is
a money management program
lifestyle driven journey
none of the above
a journey driven lifestyle
18
One major problem with using credit cards is that people
use instead of debit card
forget to use them
buy things they can not afford
lose them
19
Sometimes the U.S. government is known affectionately by the nickname?
Uncle Sam
Uncle Fred
Aunt Sally
Cousin Kathy