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FutureSmart Week One Flashcards | StudBud
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FutureSmart Week One
FutureSmart Week One
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Questions
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Answers
1
____ is withheld from a paycheck and used to fund government services such as health care and national defense.
Federal income tax
Medicare
Social security
State income tax
2
Ashley wants to use money from her checking account to make a purchase. Which payment method should she use?
Debit card
Direct deposit
Prepaid card
Credit card
3
What is the opportunity cost of playing Quiz in this live session RIGHT NOW?
Any of the above
You could be sleeping
You could be working on an overdue assignment
You could be playing video games
4
Income earned on an hourly basis is called a:
Wage
Benefit
Salary
Stipend
5
Payday loans are a quick and penalty free way to get cash now.
False
True
6
Prepaid cards...
Allow you to check your balance online
All of the above
Include fees
7
Select the answer that best describes opportunity cost:
The amount of money you put into savings every year.
What you give up as a result of choosing one option versus another.
The amount of money a business makes every year from sales.
What you gain as a result of choosing one option versus another; a benefit.
8
Which of following choices are great money management tips?
Spend within your means: don't spend more than you can afford
A little research can go a long way: look for prepaid cards with no fees
Pay yourself first: try putting a little into savings each pay period
All of the above
9
Which of the following would be considered a want for most people?
Transportation to get to work
A place to live
Nutritious food
A brand-name jacket
10
Which of the following expenses should be included in a typical budget?
All of the Above
Charitable Giving
Taxes
Savings
11
You want to research the best computer for your needs. Where should you look for objective and unbiased information?
The most popular computer company's website
Paid advertisements in a technology magazine
A salesperson at an electronics store who earns commission on sales
An independent consumer education website that reviews technology products
12
You should do research before making an important purchase.
True
False
13
Which factor has the biggest impact on a credit score?
Length of credit
Payment history
Type of credit
Amount owed
14
If you know the unit price of an item, you are better able to:
Figure out the discount during a sale
Determine the total cost of the purchase
Estimate how much you will need
Compare prices of two brands
15
What is the best strategy for avoiding credit card interest?
Make the minimum balance
Make payments online
Skip payments
Pay the full balance each month
16
A credit card is easy money!
True
False
