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Financial Literacy Flashcards | StudBud
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Financial Literacy
Financial Literacy
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1
The amount of money you receive after deductions are subtracted from your gross income
net income
gross income
income tax
net taxes
2
What is income tax?
money collected from people who own land or property
money collected when people buy goods or services
money filed once a year by people who work
3
A credit line is
Money you can borrow interest-free
Money that you owe your lender
Money you receive as a gift
4
____ is money paid to the government for services, like road work and police protection
A budget
A tax
An income
5
____ are taxes paid to the government depending on the value of your home, land or vehicles
Income taxes
Net income
Gross income
Property taxes
6
The ______ is the amount of money in your bank account
income
deposit
debit
balance
7
What is income?
Taxes you pay
How much money you earn
How much you pay for land or property
8
What is a sales tax?
Money collected when people buy goods or services
Money paid by people who own land or property
Filed once a year by people who work
9
The total income before any taxes are taken out
expenses
gross income
net income
sales tax
10
The amount of money someone makes is called their
cash
services
income
bank account
11
What is a disadvantage of using a credit card instead of a debit card?
You have to pay interest on a credit card
Money comes out of your account faster
The bank doesn't like it when you use your credit card
12
A ____ is when you take money out of your bank
debit
credit
balance
deposit
13
What is property tax?
Money collected when people buy goods or services
Filed once a year by people who work
Money paid by people who own land or property
14
Money people pay to support the government
property
taxes
payroll
sales
15
For how long does credit information typically stay on your credit report?
7 years
15 years
1 year
16
You can avoid accumulating large amounts of debt by
Limiting your borrowing
Paying your bills late
Increasing your expenses
Not paying your entire bill
17
How can you balance your budget if your expenses are more than your income?
Give more money to help others in need
Go to the movies more often
Spend less on things you don't need
18
In order to avoid identity theft, you should use caution when sharing which of the following
All of the above
Your credit card number
Your birthday
Your social security number
19
A high-tech scam that deceives consumers into disclosing their personal information is called
Phishing
A pyramid scheme
Spamming
A shell game
20
A plan for how much income will be received and how it will be spent is called a
budget
money plan
checks
savings
21
Which of the following is
NOT
a type of fraud?
Travel
Auction
Identity
Sweepstakes
22
Which of the following can help you start establishing a positive credit history?
Opening a savings account
Getting a strong review from your boss
Applying for a loan
Getting good grades
23
A credit line is
Money you can borrow interest-free
Money you receive as a gift
Money a credit card company is willing to advance
24
An identity thief may want
To open a credit line in your name
To steal your money
To use your personal information for their own gain
All of the above
