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Financial Literacy Quiz! Flashcards | StudBud

Explore/Financial Literacy Quiz!

Megan is making a financial plan to help save and finance her money. What is this action that Megan is doing called?

What is a 401K

Financial Literacy Quiz!

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Questions 10

Answers

1
What is a 401K
A retirerment plan
The rise in the general level of prices
The owner of a stock
The chance of loss from an event that cannot be entirely controlled
2
Megan is making a financial plan to help save and finance her money. What is this action that Megan is doing called?
Saving
Spending
Investing
Budgeting
3
What is debt?
Money that is gained from investing
Protection from financial loss
Money that you save
Money that you owe to someone/ something
4
What is EARNED income
Money you receive in return for working
Money you recieve on your birthday/ special holiday(s)
Money you withdraw from your bank account
Money you have saved
5
Experts suggest that emergency savings = 6-9 months of a person’s expenses be held in liquid assets for unplanned events
True
False
6
Ethan wants to buy a home, however he does not have enough money to pay for it, what should he do?
Apply for a mortgage loan
Pay for the house using his credit card
Buy a cheaper house
Ask the owner if he can get the house for free
7
Which of these is a type of investment?
Stocks
Buying a car
Ordering a drink from Starbucks
Money
8
All of these are types of payment methods except:
Cash
debit/ credit card
chocolate coins
Venmo
9
What is Financial Literacy?
The ability to understand and effectively use various financial skills
the value of the next best thing you give up whenever you make a decision
The ability to write a check
An ongoing process that will reduce your stress about money
10
Saving money as a teen is unnecessary
False
True