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Fin Lit Final Exam Review
Fin Lit Final Exam Review
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Review questions for Financial Literacy 401 Oakstone Academy
Flashcards
46 cards
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Questions
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Answers
1
In the tale of the ‘Five Laws of Gold’ what two things did Arkad give his son?
Three bags of gold and a clay tablet engraved with the five laws of gold
Three bags of gold
One bag of gold and a clay tablet engraved with the five laws of gold
One bag of gold and a tablet with the seven cures for a lean purse
2
As you change jobs during your career, perspective employers will likely ask
A security bond in case you cause damages during your employment
A reduction in pay to account for the risk in hiring you
Personal or professional references
A commitment for overtime work
3
Financial benefit: when revenue gained from a business exceeds the expenses, costs, and taxes
Bond sale
Stock sale
Capital loss
Profit
4
How did Taylor Swift get people to stop pirating her music
She filed a police report
She changed record labels
She put out music people did not want to steal
She hired a lawyer
5
Micah's favorite Meghan Song
Kindly Calm Me Down
Dance Like yo Daddy
Good to be Alive
3 AM
6
A Tax meets which definition
Arises under the operation of law
A non-mandatory payment requested by the government
A fluctuating legal amount due based on executive actions
Voluntary exchange between an individual and the government
7
Which is not true related to Property Taxation?
Appraised by a professional appraiser
Property Taxation evaluations occur twice in a decade
Tax payments due are derived from the appraisal
Appraised annually by cognizant governmental authority
8
Written Budgets allow us control over money coming into our Household and:
All of the above
What you must with your money
What you need to do with your money
Bills you have paid
9
Which is not an essential element of building a realistic Budget
Begin to list variable expenses: groceries, entertainment
Start your process reviewing expenses and payments
Gather your bills and write down all expenses
Pay yourself first $0.10 of each dollar you earn & invest
10
First Meghan Trainor Song Drew fell in love with was Your Lips Are Moving
False
True
11
Financial benefit realized: revenue gained from a business exceeds expenses, costs, and taxes:
Bond Sale
Capital Loss
Stock Sale
Profit
12
Infamous man: observed people generally accept promises of huge payments from risk not earned.
Charles Schwab
Charles Ponzi
John Boggle
Bernie Madoff
13
In Richest Man in Babylon: Invading foreign armies made the king unhappy
False
True
14
Which best describes the operation of a state or local sales tax?
Collected at the point of sale terminal and rebated to the purchaser
Collected at the point of sale terminal and filed with tax return
Collected at point of sale terminal and remitted to the taxing authority
Collected at the point of sale terminal and retained as earned income
15
The role of Mutual Funds in acquiring wealth
Dependent upon and leverages annual market changes
Focuses on Dollar Cost Averaging over long terms
Focuses on short term Market Timing techniques
Answer 2 & 3 above
16
Ari's favorite Meghan Trainor Song
Better When I'm Dancing
Just Got Paid
Nice to Meet Ya
Genetics
17
Where the burden of a tax really falls is called?
Tax Incidence
Tax Coincidence
Fair Share Economics
Taxation without representation
18
This type of job is short term and designed to give a young person exposure to a career
Professional Appointment
Mentorship
Job reference
Internship
19
Identify the Mutual Fund which does not mirror a market ‘Index’ fund
T Rowe Price US Bond Enhanced Index Fund
Vanguard Index 500 Fund
Rydex Transportation Fund
Fidelity Zero Total Market Index Fund
20
Anything you intend to hold for a later time that will produce some financial benefit:
Tax
401K Plan
Credit Card Account
Investment
21
Arkad knew that if he was to achieve what he desired which two things would he need?
Study and time
Sheep and oxen
Flour and oil
Gold and silver
22
Wealth accumulation: according to your professor is achieved through
Morals, Values, & Discipline
Saving earnestly
Saving practically
Saving for a rainy day
23
This persons favorite Meghan Trainor Song
No (Ari)
Me Too (Micah)
Hey DJ (Drew)
Lips are moving (Lola)
24
A federal law prohibited a sales tax on internet sales up until what year
2015
2020
2011
2014
25
Federal Income Tax is triggered from which economic event?
Reinvested dividends in a Stock Index Mutual Fund
Interest received from a bank savings account
Capital loss sale of a primary residence
Capital gain sale from a primary residence
26
The moment I saw her nothing shot through me like an arrow: It was then that I knew that I loved her.
True
False
27
Completion of FAFSA is required for which
To receive any form of federal or state aid in college tuition
Admission to college
Enlistment in the Military
Direct commercial loans
28
First Rule of Savings; The transaction takes place immediately upon receiving the income.
Co-dependency
Immediacy
Urgency
Tri-depency
29
Which is not a ‘trigger’ for a taxable event?
Death
Birth
Working a job to generate income
Retiring from a job -living off invested savings before tax
30
Political Tax ‘debates’ surround all of the following except
The amount which a person should be taxed
Which political parties should be taxed
The types of income that should be taxed
The items which should be taxed
31
Qualification: determine if a parent claims a 23 year old as a dependent on their income taxes?
Child lives at home 10 years after High School
Child lives at home while attending college
Child has not lived at home for 3 years and attends college
Independent Child lives at home for 3 Years after High School
32
When Ari thinks about the Bell Ringer Which North American song prodigy is he thinking about
The M-Train
Taylor Slow - which is why she aint here
Sell any gomez
Willie Elish
33
An ‘Index Fund’ is best described as
Only measures the Dow Jones Industrial Average
Invests in specific limited financial sectors
Measures ‘Blue Chip’ growth of strong US businesses
Measures a broad index of businesses of financial sectors
34
What items do taxes not support?
Contributions to personal investment accounts
Food Subsidies
Education
Fire/Police/ Public Safety
35
People who pay themselves first end up like this
Hey DJ
Dance Like yo Daddy
No Good for You
All the ways
36
Which is true of America’s Sweetheart Icon Songstress Meghan Trainor
Ari loved her from Day 1
Ari obsesses over her day and night and day and night and day & night
Ari just now realized how great she is
Ari has really grown to admire her in Fin Lit Class
37
Lola sang this song in the car this morning
Like I'm Gonna Lose you
Dear Future Husband
Mom
Hey DJ
38
A Budget that is not written down
Allows for extra expenses not anticipated each month
Makes it difficult to become financially successful
Allows flexibility in deciding payments from month to month
encouraged: the written budget is only a recommendation
39
A ‘Truism’ related to taxes is?
If you have more of something you must tax it
If you tax something you will have more of it
If you tax something government will indirectly benefit
If you tax something you will have less of it
40
In the Richest Man in Babylon: Which is not a Cure for a Lean Purse?
Ensure a future income
Increase thy ability to learn
Guard thy treasures from loss
Secure your gold by placing it in a well encased with cement
41
What must a person do if he/she has respect for themselves?
Must pay their debts within all promptness within their power
Not purchasing for that which he/she is unable to pay
Must take care of their family that they may speak well of him/her
All of the above
42
2nd Greatest Singer of all Time
Trick Question - She is the best, 2nd best, and 3rd best
Meghan Trainor
Taylor Slow
Lana Del Ray
43
This person's favorite Meghan Trainor song
Me Too (Drew)
Its all about that bass (Ari)
Better when I'm dancing (Micah)
Just got paid (Lola)
44
Which is a 2023 Meghan Trainor Hit Song?
No Excuses
Mr. Right
Let You Be Right
Made You Look
45
Which statement best describes the state ‘Use Tax?
Most consumers ignore their duty to pay
Consumers are required to pay this even for out of state purchases
On-line retailers now collect this and remit the use tax back to the State
All of the above
46
Which is not a type of Grant available to students and should not be filed as an application?
Pell Grant
Federal National Student Debt Emergency Funding For College Students
Academic Competitiveness Grant
Federal Supplemental Educational Opportunity Grant (FSEOG)
