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Financial Literacy Flashcards | StudBud
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Financial Literacy
Financial Literacy
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Financial Literacy questions for review.
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48 cards
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1
Interest rates on credit cards
Are the same regardless of age or income
Depend on age and income
Are the same for everyone
Vary depending on credit score and age and income
2
One way to improve human capital is by...
Attending school
Building a factory
Saving money
Go shopping
3
What is an advantage to buying a house?
Lack of ability to make decorating changes
Increased responsibility for maintenance.
Multiple options for size and location
Limited expenses for maintenance
4
What is unemployment?
A person without a job but is looking for one.
A retired person
A person not physically capable of working
A stay at home mom or dad
5
Retirement income that you pay into at work and is controlled privately is called
401K
Social Security
Roth IRA
CD
6
Spending on clothing is what kind of expense?
Production Expense
Investment Expense
Variable Expense
Fixed Expense
7
A plan for managing income, spending and saving is called...
Budget
Credit Account
Investment
Account balance
8
What is the best action to take to balance your budget?
Get more credit cards
Increase expenses
Reduce expenses
Pay more taxes
9
What should you do on a job application?
List references
Appropriate grammar
All of the above
Blue or Black Pen
10
What would be the best way to make a decision?
Make a chart showing all of your options
Ask a friend
Weigh the pros and cons
All of the above
11
P2P payments are convenient, but what is one thing you should NOT do?
Make sure you are sending money to the correct person
Be careful for what you are paying for
Send money to a person you do not know
Set up a pin for protection
12
To qualify for financial aid for college you must submit your ACT score.
True
False
13
Taking money out of your bank account is called...
Payment
Withdrawal
Deposit
Interest
14
When it comes to paying for college, the most beneficial option to help pay for it is...
A federal student loan
A grant or scholarship
A private bank loan
Sign up for a work study program
15
When looking for a house, what should you consider?
Schools
All of the above
Price
Neighborhood
16
Before you buy something using a check, what should you know about your account?
If you have money in your account
The PIN for your account
If you have tax on your account.
The interest rate of your account
17
Which of the following could you use to buy something now and pay for it later?
Check
Cash
Debit Card
Credit Card
18
Blake is financing a new car. The principal of the car is the cost of the car, minus any down payment
True
False
19
What is net pay?
The total amount of money earned before pay deductions.
The length of time an employee's wages are calculated
The amount of pay earned from doing additional work
Amount of money left after all deductions have been taken.
20
Scarcity is defined as
Lacking a resource
The ability to scare someone
Trading one item for another
Having more than you need
21
Which one of the following is inappropriate during a job interview?
Answer your cell phone
Dress according to job
Be confident
Thank the interviewer
22
What determines the number of jobs, goods and services available?
Ancestors
Supply and Demand
Taxes
Government
23
Which type of lender offers loans to high risk customers with extremely high fees?
Credit Card Advance
Home equity banks
Credit Unions
Payday loan company
24
If a person is unbanked, their only option is mobile banking.
True
False
25
What are the name of the charges from the bank when you don't have enough money in your account?
Maximum deposit fee
Over-draft fees
Minimum deposit fees
ATM Fees
26
When a bank pays someone to save money it is called
Interest
Trade-off
Opportunity Cost
Service
27
If your house catches fire, which insurance type will cover the damages?
Life
Long term disability
Homeowners
Auto
28
Which one of the following should you NOT put down as a job reference?
Coaches
Family members
Club Leaders
Teachers
29
Colton has $100 in his checking account. He writes a check to Netflix for $10. How much is left in his account?
$110
$80
$90
$95
30
Sam works at EES, Wyatt works at Walmart, Bobby volunteers at Red Cross. Who is earning income
Sam and Wyatt only
Bobby and Wyatt only
Sam and Bobby only
Sam, Wyatt and Bobby
31
All of the following are benefits to using online/mobile banking except
Onliine banking is the only way to make online purchases
You can keep ongoing record of your transactions
You can check your balances before you make a purchase
You can transfer money electronically between accounts
32
Federal and state income tax returns are due every year on
July 15
April 15
January 31
December 31
33
Jobs usually pay a higher salary when...
They have a job title
People must be interviewed
An ad has been placed online.
More education or skills are required
34
Sam earned $3000. He spent $2000. He put $1000 in the bank. This amount is called?
Profit
Credit
Saving
Budget
35
What is the name of the fee the bank charges you when you borrow money?
Interest
Deposit
Payment
Withdrawal
36
Savings gives you immediate access to your money and is less risk than investing.
True
False
37
Why would someone's take home pay be less than what was discussed at hiring?
The pay is less because they are a student
They were charged a payroll fee
The company is downsizing and decided to pay less
Taxes, social security and medicare are being deducted
38
The payment people receive for the work they do is called...
Savings
Interest
Wages
Profit
39
When signing a lease to rent an apartment, it is important to do what?
Review and sign quickly
Read carefully and only sign when you understand it.
Read and sign it even though you do not agree with it .
Read carefully and sign even if you don't understand it.
40
One way to save money at the grocery store is to compare unit price of the items.
True
False
41
Why would people want to invest in the stock market?
To gamble
To lose money
To make money
To help a company go bankrupt
42
Which is an example of a fixed expense?
Eating out
House Payment
Clothing
Gasoline
43
The knowledge, skills and talent that people use to do their work is called.
Natural Resources
Human Capital
Capital Resources
Financial Capital
44
You have a fire at your house, what type of insurance would cover the damage to your car that was in the attached garage
Homeowners Insurance
Disability Insurance
Long Term Care Insurance
Car Insurance
45
The primary purpose of taxes is to
Take money from one group to give to another
Provide services that improve the quality of life
Provide goods and services that we cannot afford ourselves
Allow people to have free goods/services
46
What are the 3 major groups in the Circular Flow of Money?
National, state and local governments
Households, marketplace, government
President, Congress and Supreme Court
Auto industry, consumers, government
47
Having a good credit score helps you get a job and save money on large purchases.
True
False
48
Which of the following are ways to protect yourself from identity theft?
Destroy all password sensitive material
Protect your pin
All of the above
Change passwords frequently
