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Financial Literacy Flashcards | StudBud
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Financial Literacy
Financial Literacy
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1
Which of these is NOT an example of a financial institution:
Commercial banks
Credit Union
School
Post office
2
What is a digital footprint?
It is when you have a virus
A way to measure your shoe size online
All information about you that exists on the internet
That everyone can always see what you're doing online
3
A priority is something that is more important than other options
False
True
4
What age can you open a bank account WITHOUT parental permission?
20
14
16
18
5
Buying on credit means 'buy now, pay later'.
False
True
6
GAA is an example of a financial enterprise
True
False
7
What's the purpose of insurance
To avoid paying tax
To increase spending
To protect against financial loss
To guarantee a profit
8
A term used for a person who earns money for work
Work
Jobseeker
Employment
President
9
Statutory deductions are compulsory. True or False.
True
False
10
Who founded Facebook?
Simon Harris
Donald Trump
Elon Musk
Mark Zuckerberg
11
Calculate net pay Hint:(Gross pay - Total Deductions)
558.70
496.53
602.56
568.74
12
Which of these is an example of a need?
Shelter
Sweets
Jewelry
Coffee
13
Jeff Bezos is the owner of Amazon
False
True
14
What does bankruptcy mean?
A person or a company who likes money
A person or company who runs a bank
A person or company that sucessfully makes a lot of money
A person or a company that is no longer able to pay its bills
15
Which of these is an example of a voluntary deduction:
Trade union membership
USC
PAYE
Income tax
16
Which of these is NOT a type of deposit account offered by commercial banks?
Demand deposits
Term deposits
Notice deposits
Loan deposits
17
What does DIRT stand for?
Deposit Interest Retention Total
Deposit Independent Rate Tax
Deposit Interest Retention Tax
Deposit Interest Rate Tax
18
Who charges people with taxes?
The Gardai
The government
The shops
The school
19
Impulse buying is.......
Buying something in the spur of the moment
Buying something for someone else
Buying something very expensive
Buying something that is cheap
20
You should make all your passwords the same for convenience
True
False
21
What does VAT stand for?
Valued Adding Tax
Virtual Assistant Tax
Value Added Tax
Van Attendant Tax
22
Interest is......
skills, knowledge, and experience a person has
extra money paid for borrowing
things you know are coming that you have to pay for
things you DONT know are coming that you have to pay for
23
Which of these is NOT a solution to overspending:
Generate extra money
Borrow money
Proceed with non-essential spending
Cutting back on spending
24
What is an example of a medium term need?
House
Budget deficit
Sweets
Car
25
What is a tariff?
A set quantity limit on imports and exports
A ban on goods
Tax on imports and exports
A ban on imports and exports
26
Yen (¥) is the currency of Japan
True
False
27
Payslips are documents given by the ______ to the _______
shopkeeper , bus driver
employee , employer
employer , employee
student , teachers
28
Debit cards can only be used for purchases up to €30
True
False
29
Which of these banks operates in Ireland
Bank of China
Lloyds bank
AIB
Santander
30
All risks can be insured
False
True
31
Capital expenditure is repeated or ongoing day-to-day spending
True
False
32
Which of these is an example of a natural resource:
Machinery
Agricultural land
Buildings
Vehicles
33
Why do people budget?
So they know what a budget is
Keep a track on their income and expenditure
So they can have no money
So they can buy sweet treats
34
What is debit?
Any form of payment
Someone else's money
Your money
A card
35
What does ATM stand for?
A Tiny Mother
Absolute Torture Machine
Automated Teller Machine
A Tipsy Monster
36
What is phishing?
Criminals use fake and websites as a way of tricking people for details
Following an online fish pie recipe
Catching fish online
Learning about types of fish
37
All of the following are reasons to save EXCEPT:
Vacation
Buying a Car
Candy
Buying a House
38
Which of these is NOT a type of income?
Child benefit
Pensions
Income tax
Jobseeker's benefit
39
An advantage of using cash is that it ensures your privacy.
False
True
40
VAT is an example of indirect tax
False
True
41
Who founded Microsoft?
Elon Musk
Bill Gates
Steve Jobs
Sponge Bob
42
Which of these is NOT a strand of business studies
Economics
Accounting
Maths
Business
43
Direct tax is added to money being spent
True
False
44
Which of these are NOT a type of insurance?
Motor
Home
Health
PAYE
45
What is the term for a financial plan for expected income and expenditure?
Payslip
Voucher
Receipt
Budget
46
What does the EU stand for?
Europe United
European Union
Europe Union
European Unity
47
Every business is always successful
False
True
48
The credit union is owned by its members
True
False
49
Money that is earned by people who work is called ________
Debt
Savings
Labour
Income
50
What is the best way to protect yourself from online scams?
Click on all the links in your email, even from unknown senders
Only buy things from websites you've never heard of before
Be cautious of online offers that seem too good to be true
Share your personal information and passwords with anyone who asks
