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Financial Literacy Review Flashcards | StudBud
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Financial Literacy Review
Financial Literacy Review
50 terms
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#financialgoals #budgeting #paycheck #checkingsavings #debitcredit #creditscores #loans #investing
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Questions
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Answers
1
Expenses that change from month to month like groceries, gas, and gifts are known as what?
Estimated Income
Flexible/Variable Expenses
Fixed Expenses
Fixed Income
2
A tax that is based on how much money you make is called what?
FICA Tax
Asset Tax
Consumption Tax
Income Tax
3
After calculating your monthly expenses, you're in the negative or red, this is known as a what?
Loan
Surplus
Deficit
Taxes
4
What is included with your paycheck?
Stocks and bonds
The check itself and paystub
Cash and change
Your tax return payment
5
The more money you earn, the more money you pay. Which type of tax system exists in the US?
Regressive Tax System
Proportional Tax System
Disproportional Tax System
Progressive Tax System
6
A poor or negative credit score ranges between which numbers?
300-500
700-750
750-800
650-700
7
A sum of money borrowed from a bank, credit union, online lender, or person is called what?
A credit
A deficit
A loan
A debit
8
An investment that protects you financially against everyday risks is known as what?
Insurance
Stocks & Bonds
Tax return
Loan
9
How can you establish a credit history?
Pay your bills on time
Open a line of credit like a credit card and pay it down in full each month
Establish a steady work/employment record
All options
10
The amount of money you earn on your initial investment is known as what?
Revival of Investment (ROI)
Return on Investment (ROI)
Revenue on Investement (ROI)
Renewal on Investment (ROI)
11
An IRA, 401(k) and 403(b) are types of what?
Social Security Tax
Health Insurance
Tax Return Forms
Retirement Accounts
12
A plan for saving and spending your money is called what?
Debt
Loan
Taxes
Budget
13
Money going out to pay for services, items, and other things is called what?
Budget
Income
Expenses
Debt
14
How do most organizations like the IRS or Social Security contact you so you know to avoid scams?
Phone call
Email
Carrier Pigeon
Letter in the mail
15
A share of ownership in a corporation is called what?
A Bond
A Commodity
A Dividen
A Stock
16
How much you pay back in addition to the principal amount is known as what?
Installment Payment
Term
Interest
Principal
17
When making an in-person purchase, which methods of payment are best?
Written Check
Coins
Electronic Funds (ETFs)
Cash, Debit or Credit
18
Expenses paid in the same amount monthly like rent, electric, and phone bills is known as what?
Flexible Expenses
Fixed Income
Fixed Expenses
Variable Expenses
19
The ______ form shows taxes withheld by your employer for the year & is used to file your federal & state taxes.
1098-E
W-4
W-2
1040-EZ
20
The type of financial institution that is a nonprofit organization is known as what?
A retail bank
A commercial bank
A credit union
An Investment bank
21
The money earned
after
deductions is known as what?
Tax Income
Net Income
Loan Income
Gross Income
22
Your income is categorized into levels that determine the amount of income tax you pay which is called what?
Tax Rows
Tax Tiers
Tax Columns
Tax Brackets
23
What should you do if your cards are lost or stolen?
Use your parents emergency card
Call the company or use the app ASAP to report your card lost or stolen
Continue spending money with your ewallet
Carry on with life as normal
24
What is an example of a finacial decision you make daily?
Buying coffee & breakfast every morning
Exercising to improve fitness
Taking a shower
Talking with friends
25
How can knowing the difference between a financial need versus a want benefit you?
Helps you get the things you want right now.
Helps you set priorities & make smart decisions.
26
A positive or good credit score ranges between which numbers?
400-500
500-600
700-800
300-400
27
What should you consider when choosing a bank?
Interest Rates
All Options
Convenience
Services
28
The ____ form is what you fill out to report to the IRS your income and taxes withheld for the previous year.
W-4
1040-EZ
W-2
1098-E
29
Income taxes, Social Security taxes, and fuel taxes we pay to which level of government?
Federal Government
Town Government
Local Government
State Government
30
Which is
NOT
a pay period employees typically get paid in?
Weekly
Biweekly
Monthly
Yearly
31
When mailing in a payment, which is the best method of payment?
Written Check
Coins
Electronic Funds (EFTs)
Cash, Debit or Credit
32
Money withheld from your gross earnings is known as what?
Takeaways
Deductions
Withdrawals
Subtractions
33
What is an example of a complicated financial decision someone may face?
Buy dinner instead of making it yourself
Take out a personal loan with interest to cover unexpected expenses
Fill your gas tank to make it to work
Purchase a pack of gum at the store
34
Having
financial freedom
means what?
You are financially free from paying taxes.
You only have enough to cover your financial needs.
You have trouble prioritizing your money.
Having flexibility knowing there is money available when you want it.
35
The money earned
before
deductions is known as what?
Tax Income
Gross Income
Loan Income
Net Income
36
When you take a portion of your savings and purchase a product like stocks, bonds, or mutual funds is known as what?
Investing
Saving
37
If you open a checking or savings account in person at a local bank, what should you bring with you?
Available funds for your first deposit
All options
A photo ID - passport or license
Birth certificate/SSN Card
38
Having
financial security
means what?
Not knowing where your next paycheck will come from.
Being unsure if you have money available when you need it.
The peace of mind knowing your money is safe & protected.
The peace of mind knowing you have money available when you need it.
39
What does your 3 digit credit score tell lenders?
Tells lenders how much you make per year
Tells lenders how consistent you are at repaying your debts
Tells lenders how much outstanding debt you have
Tells lenders you scored well in school
40
When making an online purchase, which are the best methods of payment?
Doubloons
Electronic Funds (EFTs), Credit, or Debit Card
Coins
Written Check
41
Tax day falls on ____ every year, this is when your tax return forms are due!
2/15
3/15
1/15
4/15
42
The type of bank account not linked to a debit card, but can accrue interest over time, is known as what?
Debit Account
Checking Account
Savings Account
Credit Account
43
The amount of money you borrow from a lender is known as the _________ of the loan.
Interest
Principal
Term
Installment Payment
44
You twist your ankle at practice, get x-rays costing $500 & your insurance covers only 80%. How much do you cover?
$100
$200
$250
$150
45
The type of bank account that allows you to deposit and withdraw money using a debit card or checks is known as what?
Debit Account
Credit Account
Checking Account
Savings account
46
IRS stands for what?
Internal Revenue Service
Interesting Revenue Society
Internal Respect Service
International Repayment Service
47
A financial institution that stores and manages money for individuals or businesses is known as a what?
Treasury
Bank
Broker
Stock Market
48
Having money left over after calculating your monthly expenses is known as a what?
Debt
Taxes
Surplus
Deficit
49
The central bank is an organization that manages and regulates other banks, otherwise known as the what?
Department of Treasury
Investment Bank
Federal Reserve
IRS
50
The number of days in which you are getting paid for is known as what?
Pay Period
Pay Price
Pay Time
Pay Pace
