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Financial Literacy LLD Flashcards | StudBud
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Financial Literacy LLD
Financial Literacy LLD
25 terms
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Flashcards
25 cards
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Questions
25
Answers
1
Use a Deposit Slip to transfer money into your Checking or Savings account.
False
True
2
True or False: a Service is a task that a person or a machine performs for you.
True
False
3
What is an income?
a way to save money
Money received from a job
the amount of tax owed
a type of currency
4
A good or service that motivates or encourages one to spend money...
Interest
Incentive
Infomercial
Investment
5
This card allows you to purchase an item without cash, but requires you to pay back by the end of the month:
Credit Card
Debit Card
Library Card
Insurance Card
6
A physical item that can be weighed, measured, and sold is a.....
surplus
goal
good
service
7
The amount of money earned after selling an item is called a...
Profit
Service
Good
Income
8
What is it called when
making one choice to gain a benefit or opportunity, while knowingly loosing another opportuntiy?
Savings
Investment
Trade-Off
Debt
9
This card allows you to purchase an item without cash, but takes money directly out of a bank account:
Insurance Card
Debit Card
Library Card
Credit Card
10
What does it mean to have personal debt?
You made a budget to limit overspending
You save money in a bank account
Someone owes you money
You borrowed money, and need to pay back
11
This is the financial term for when an item, like a car, looses value due to normal wear and use.
Depreciation
Appreciation
Normal Wear
Loss of Investment
12
What does it mean to have an Hourly Wage?
Your Income is calucled by the months you work.
Your income is calculated by the amount of hours you work.
Your income is calculated by the days you work.
Your income is calculated by the year you work.
13
The ways in which people make, distribute, and use their goods and services is called the......
Investment
Funds
Labor
Economy
14
The transfer of money whether you are depositing or withdrawing, is known as a.....
Transaction
Deposit
Withdrawing
Exchange
15
What portion of your income should you budget for daily needs?
10%
30%
20%
50%
16
What is a tax?
money owed after using a credit card
a collection of your income for savings
contribution to government revenue
a type of currency
17
The current amount of money present in a financial account, like a savings or checking account, is called the......
Overdraft
Deductible
Balance
Deposit
18
Type of bank acount that
offers easy ways to save and earn interest on your money.
Stock
Savings Account
Checking Account
Certificate of Deposit
19
What does it mean to have an Annual Wage?
Your income is calculated by the amount of hours you work.
Your Income is calucled by the months you work.
Your income is calculated by the days you work.
Your income is calculated by the year you work.
20
True or False: Personal Finance is the ability to earn, spend, and save money to live comfortably and achieve goals.
True
False
21
The amount charged for the use of borrowed money is known as...
Debt
Interest
Inflation
Income
22
Being on a budget means....
You made a plan of your expenses to be less than or equal to your income
You are earning enough money to live well
You pay your bills on time every month
Your bills are generally paid on time every month
23
Type of bank acount that
offers easy access to your money for daily transactional needs and helps keep your cash secure
Certificate of Deposit
Checking Account
Stock
Savings Account
24
When filling out a depsoti slip or withdrawl slip, how will the bank know which account to use?
Use your Name
Use your Check Number
Use the Account Number
Use your Credit ID
25
A withdrawal involves removing funds from a bank account
True
False
