Fin Lit Quiz Challenge- Middle School

Question 1

When would you be most likely to be asked for your Social Security number?

Accepted Answer

All of the above

Question 2

In terms of "wants" and "needs", which is a "want"?

Accepted Answer

Cable TV

Question 3

Retirement income paid by the US Federal Government is called?

Accepted Answer

Social Security

Question 4

Different careers require different:

Accepted Answer

All of the Above

Question 5

If you do not have enough income to cover your expenses, you should:

Accepted Answer

Increase income, decrease expenses.

Question 6

In your budget, this is an example of a fixed cost:

Accepted Answer

Rent

Question 7

Extra money you earn in a savings account or have to pay when you borrow is called:

Accepted Answer

Interest

Question 8

A plan you make to help you balance your income and spending is called a:

Accepted Answer

Budget

Question 9

When you invest in a bond, you receive your earnings as:

Accepted Answer

Interest

Question 10

Which of the following financial instruments is not associated with borrowing?

Accepted Answer

Debit Card

Question 11

A good place to open your first checking account would be with:

Accepted Answer

A local bank

Question 12

The Prime Interest Rate was about 18% in 1981. How does this rate compare historically?

Accepted Answer

Above Average

Question 13

You worked 10 hours at $15 per hour your first week. How much is your paycheck for the week?

Accepted Answer

$150 – taxes

Question 14

As a stockholder or bondholder, the value of your investment:

Accepted Answer

Could either increase or decrease

Question 15

Banks and other financial institutions loan funds received from depositors to _________.

Accepted Answer

Borrowers

Question 16

Forms of income earned from financial investments include:

Accepted Answer

All of the Above

Question 17

This term means the money you get from a paid job, allowance or from cash gifts:

Accepted Answer

Income

Question 18

Entrepreneurs are known for:

Accepted Answer

Taking Risks

Question 19

If you earn 2% on your savings & inflation rises at 3%, the purchasing power of your savings...

Accepted Answer

Decreases

Question 20

As an individual, what would count as a liability?

Accepted Answer

Auto loan

Question 21

In your budget, this is an example of a variable cost:

Accepted Answer

Clothing

Question 22

For loans, if the risk of nonpayment is high, it is likely that the rate charged will be:

Accepted Answer

Higher than Average

Question 23

Federal income taxes are:

Accepted Answer

Subtracted each pay cycle for workers

Question 24

Which schedule of compounding is least favorable to a saver?

Accepted Answer

Annually

Question 25

Something valuable that belongs to you, for example, a bank account:

Accepted Answer

Asset

Question 26

In terms of "wants" and "needs", which is "need"?

Accepted Answer

Winter Coat

Question 27

Required payments to Federal, state or local governments are called:

Accepted Answer

Taxes

Question 28

You invest $1,000 and earn 5% annual interest. At the end of the year, you will have:

Accepted Answer

$1,050

Question 29

As an individual, what would count as an asset?

Accepted Answer

Your bank account

Question 30

What is a product that allows people to pay a fee now to transfer the costs to another later?

Accepted Answer

Insurance

Question 31

When a financial asset can easily be converted into cash, it is said to be:

Accepted Answer

Liquid

Question 32

When interest compounds…

Accepted Answer

Interest gets added to the sum of money (the principal).

Question 33

Which animal is associated with a stock market where prices go up for a long period of time?

Accepted Answer

Bull

Question 34

Deposits in these are guaranteed by the Federal Government up to $250,000 per depositor:

Accepted Answer

Bank Savings Accounts

Question 35

Gross income is most often…

Accepted Answer

More than net income.

Question 36

When buying a car, important factors to consider are:

Accepted Answer

Mileage and Maintenance Costs

Question 37

When a stock “splits”, the immediate value of your holdings in the stock:

Accepted Answer

Stays the Same

Question 38

Which of these financial assets is the most liquid:

Accepted Answer

Savings Account

Question 39

Examples of “Investing in Yourself” include:

Accepted Answer

All of the Above

Question 40

Which schedule of compounding is most favorable to a lender?

Accepted Answer

Daily

Question 41

When you invest in a company’s stock,

Accepted Answer

You become one of the owners.

Question 42

Giving up one thing to get something else is called a:

Accepted Answer

Tradeoff

Question 43

Which of these is the best investment of time and talent for a young person’s future:

Accepted Answer

Education

Question 44

If your bank charges you $2 to use the ATM and you use it twice a week, the annual charges are:

Accepted Answer

$208

Question 45

This is the word for income after all taxes and other deductions have been taken out:

Accepted Answer

Net Income

Question 46

Which of the following would be considered expenses?

Accepted Answer

All of the above

Question 47

A young person can have an advantage over an adult in terms of saving for the future because?

Accepted Answer

Your people have more years ahead for saved money to grow.

Question 48

If you own stock in a company, you receive your earnings as:

Accepted Answer

Dividends

Question 49

The Dow Jones Industrial Average is associated with:

Accepted Answer

Stocks

Question 50

When interest is paid on previous interest, good if saving, bad if borrowing, is called:

Accepted Answer

Compounding

Question 51

Money you earn by working, saving or investing is called:

Accepted Answer

Income

Question 52

In your budget, this is an example of a fixed cost:

Accepted Answer

All of the Above

Question 53

An investment that uses $$$ from many to invest in stocks, bonds or other types of investment.

Accepted Answer

Mutual Funds

Question 54

A mortgage is a loan to purchase a:

Accepted Answer

Home

Question 55

Key features to know about a credit card include:

Accepted Answer

All of the above

Question 56

The fee that you pay for an insurance policy is called a:

Accepted Answer

Premium

Question 57

This is a secret code used to access your bank account:

Accepted Answer

PIN (Personal Identification Number)

Question 58

A budget is used to balance these two things:

Accepted Answer

Income & Expenses

Question 59

When you earn or receive money, you should “pay yourself first”. What does this mean?

Accepted Answer

Put some $ in saving before spending.

Question 60

The price of a $13,000 car increases by 10%. How much will the car now cost?

Accepted Answer

$14,300

Question 61

A pair of $60 shoes is on sale for 20% off. What is the sale price?

Accepted Answer

$48

Question 62

This type of tax is taken out of a paycheck to pay for things like national parks or the Army.

Accepted Answer

Federal Tax

Question 63

Which factor(s) influence how much your savings or investment account can grow?

Accepted Answer

All of the above

Question 64

If you use a credit card, you should ideally:

Accepted Answer

Pay the full balance each month.

Fin Lit Quiz Challenge- Middle School

Questions 72

Fin Lit Quiz Challenge- Middle School

Questions 72