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Financial Lit Intro Flashcards | StudBud
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Financial Lit Intro
Financial Lit Intro
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Flashcards
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Questions
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1
What is the benefit of comparing prices before buying something?
To waste time
To spend more money
To get the best deal and save money
To impress friends
2
What does 'interest' mean when saving money in a bank?
A fee you pay the bank
Money you lose over time
A monthly spending report
Extra money the bank gives you for saving
3
Why is financial literacy important?
To avoid using money
To impress your parents
To shop more
To understand how to make smart money choices
4
If you want to save $100 in 4 months, how much should you save each month?
$25.00
$100.00
$10.00
$50.00
5
Why should you avoid spending more than you earn?
To lose money faster
Because it's boring
To avoid debt and build savings
To save time
6
Which is an example of a fixed expense?
Clothes shopping
Monthly rent
Eating out
Grocery shopping
7
Why is it important to have a budget?
To know how much money you can spend and save
To spend all your money on fun things
So your parents stop asking you questions
To keep track of your favorite stores
8
How can using a debit card help you manage money?
It works like a credit card
It helps you borrow more money
It tracks spending from your bank account
It gives you cash back always
9
What is the best reason to open a bank account?
To avoid school
To store money safely and access it easily
To hide money from friends
To get free snacks
10
What is the main purpose of a savings account?
To earn interest and keep your money safe
To buy snacks anytime
To pay bills online
To spend it on video games
11
What does 'living within your means' mean?
Never saving money
Only using credit cards
Spending less or equal to what you earn
Spending more than you earn
12
How can you start building good money habits?
Avoid budgeting
Spend every dollar you get
Only use cash
Track spending and save regularly
13
What is a consequence of not paying your credit card bill on time?
You get extra points
You pay interest and hurt your credit score
You build good credit
Nothing happens
14
What is a 'want' vs. a 'need'?
A want is something nice to have, not necessary
A want is something you must have to live
A need is for fun only
A need is optional
15
What is credit used for?
Keeping track of savings
Free money from the bank
Buying only groceries
Paying with money you don’t have yet
