Financial Lit - Unit 2 Test Review

Question 1

Individuals with more educational training and degrees on average have:

Accepted Answer

Higher lifetime earnings than those with less education

Question 2

A good that is in high demand at a lower price will be less in demand at a higher price

Accepted Answer

Supply and Demand

Question 3

Summer Jobs, Volunteer, and Extra-curricular Activities are examples of things you can do to increase?

Accepted Answer

Human Capital

Question 4

Occupational Goal

Accepted Answer

Part of a Career Plan

Question 5

Housing, food, and transportation are part of what type of expenses?

Accepted Answer

Cost of Living

Question 6

Skill Development

Accepted Answer

Part of a Career Plan

Question 7

Skill Development, Educational Credentials, & Occupational Goal are all part of a

Accepted Answer

A Career Plan

Question 8

On average the largest major expenditure is which of the following?

Accepted Answer

Housing

Question 9

The study of how people use their limited resources in satisfaction of their limitless wants

Accepted Answer

Economics

Question 10

The capacity and willingness to create, organize and own a business

Accepted Answer

Entrepreneurship

Question 11

Financial aid money you do not have to repay

Accepted Answer

Grant

Question 12

What does the 60-20-10-10 rule represent?

Accepted Answer

60% spent, 20% is saved, 10% of income is invested, and 10% of income is

Question 13

Profession or field of employment for which one trains, such as financial services or medicine

Accepted Answer

Career

Question 14

Determines how much Federal financial aid you are eligible to receive

Accepted Answer

FAFSA4caster

Question 15

Set a goal of saving $200/month for a down payment on a home in five years. Type of goal?

Accepted Answer

Long term Financial Goal

Question 16

What is financial aid money for college that you must pay back with interest?

Accepted Answer

Student Loan

Question 17

Profession or field of employment for which one trains, such as financial services or medicine

Accepted Answer

A career

Question 18

Educational Credentials

Accepted Answer

Part of a Career Plan

Question 19

What is “awarded” money from multiple sources that you can use for expenses relating tocollege

Accepted Answer

Scholarships

Question 20

Cash is ________!

Accepted Answer

King

Question 21

What would you need to protect you from property damage and injuries to others as a result of an auto accident

Accepted Answer

Automobile Liability Insurance

Question 22

Summer Jobs, Volunteer, and Extra-curricular Activities are things you can do to increase?

Accepted Answer

Human Capital

Question 23

The science that describes the management, creation and study of money, etc.

Accepted Answer

Finance

Question 24

Free Application for Federal Student Aid

Accepted Answer

FAFSA

Question 25

What are four important considerations when determining the Actual price of an item.

Accepted Answer

Price, Shipping Cost, Return Policy, Location

Question 26

What does “pay yourself first” (PYF) mean?

Accepted Answer

An individual should consider savings to be a fixed expense

Question 27

Transfers risk after paying a premium.

Accepted Answer

Insurance

Question 28

When completing the FAFSA, what documents are required?

Accepted Answer

Bank Statements, Social Security Number, Federal Tax Forms

Financial Lit - Unit 2 Test Review

Questions 28

Financial Lit - Unit 2 Test Review

Questions 28