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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.
Flashcards
42 cards
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Questions
42
Answers
1
Spending on clothing is what kind of expense?
Fixed Expense
Production Expense
Variable Expense
Investment Expense
2
Interest rates on credit cards
Vary depending on credit score and age and income
Depend on age and income
Are the same for everyone
Are the same regardless of age or income
3
Which type of lender offers loans to high risk customers with extremely high fees?
Payday loan company
Credit Unions
Credit Card Advance
Home equity banks
4
One way to improve human capital is by...
Saving money
Attending school
Go shopping
Building a factory
5
The primary purpose of taxes is to
Provide services that improve the quality of life
Provide goods and services that we cannot afford ourselves
Allow people to have free goods/services
Take money from one group to give to another
6
A trade off can be described as,
Giving up on an item you wish to purchase
Paying less for an item
Paying more for an item
An exchange of one thing for another
7
Sam works at EES, Wyatt works at Walmart, Bobby volunteers at Red Cross. Who is earning income
Sam and Wyatt only
Sam, Wyatt and Bobby
Bobby and Wyatt only
Sam and Bobby only
8
What is an advantage to buying a house?
Increased responsibility for maintenance.
Multiple options for size and location
Limited expenses for maintenance
Lack of ability to make decorating changes
9
Haley can either work at Taco Bell or Skyline. If Haley picks Skyline, Taco Bell is her...
Deposit
Opportunity Cost
Incentive
Interest
10
Which is an example of a fixed expense?
Clothing
House Payment
Gasoline
Eating out
11
Taking money out of your bank account is called...
Payment
Deposit
Withdrawal
Interest
12
Retirement income that you pay into at work and is controlled privately is called
Roth IRA
CD
401K
Social Security
13
The knowledge, skills and talent that people use to do their work is called.
Natural Resources
Financial Capital
Capital Resources
Human Capital
14
Savings gives you immediate access to your money and is less risk than investing.
True
False
15
What should you do on a job application?
Appropriate grammar
Blue or Black Pen
List references
All of the above
16
Federal and state income tax returns are due every year on
January 31
April 15
December 31
July 15
17
Before you buy something using a check, what should you know about your account?
The PIN for your account
If you have tax on your account.
The interest rate of your account
If you have money in your account
18
What determines the number of jobs, goods and services available?
Government
Ancestors
Taxes
Supply and Demand
19
Having a good credit score helps you get a job and save money on large purchases.
True
False
20
The best way to make an informed decision is to flip a coin.
False
True
21
What is net pay?
The amount of pay earned from doing additional work
The total amount of money earned before pay deductions.
Amount of money left after all deductions have been taken.
The length of time an employee's wages are calculated
22
You have a fire at your house, which type of insurance would you need to cover the damage?
Disability Insurance
Long Term Care Insurance
Homeowners Insurance
Car Insurance
23
Jobs usually pay a higher salary when...
More education or skills are required
People must be interviewed
They have a job title
An ad has been placed online.
24
What is the name of the fee the bank charges you when you borrow money?
Withdrawal
Payment
Interest
Deposit
25
Colton has $100 in his checking account. He writes a check to Netflix for $10. How much is left in his account?
$95
$80
$110
$90
26
When a bank pays someone to save money it is called
Opportunity Cost
Interest
Service
Trade-off
27
Why would people want to invest in the stock market?
To lose money
To gamble
To make money
To help a company go bankrupt
28
What is unemployment?
A retired person
A stay at home mom or dad
A person not physically capable of working
A person without a job but is looking for one.
29
We cannot have everything we want because of
wants
needs
opportunity cost
scarcity
30
Which of the following could you use to buy something now and pay for it later?
Check
Credit Card
Cash
Debit Card
31
Interest rates on credit cards
Vary based on age and income
Are the same for everyone
Vary depending on credit scores and payment history
Are the same regardless of which company issues the card
32
When looking for a house, what should you consider?
Schools
All of the above
Neighborhood
Price
33
One way to save money at the grocery store is to compare unit price of the items.
False
True
34
Sam earned $3000. He spent $2000. He put $1000 in the bank. This amount is called?
Credit
Budget
Profit
Saving
35
A plan for managing income, spending and saving is called...
Credit Account
Budget
Investment
Account balance
36
Opportunity Cost can be described as
Paying more for an item
Paying less for an item
The item you gave up to purchase something else
An exchange of one thing for another
37
What is the best action to take to balance your budget?
Pay more taxes
Increase expenses
Get more credit cards
Reduce expenses
38
Which of the following are ways to protect yourself from identity theft?
Destroy all password sensitive material
Change passwords frequently
Protect your pin
All of the above
39
Which one of the following is inappropriate during a job interview?
Thank the interviewer
Be confident
Answer your cell phone
Dress according to job
40
When signing a lease to rent an apartment, it is important to do what?
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.
Review and sign quickly
41
The circular flow of money in our society is between
Marketplace and Households
Government, Households and Marketplace
Households, Government and other countries
Government and Marketplace
42
The payment people receive for the work they do is called...
Savings
Profit
Interest
Wages
