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Beginners Financial Literacy Assesment Flashcards | StudBud
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Beginners Financial Literacy Assesment
Beginners Financial Literacy Assesment
16 terms
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Flashcards
16 cards
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Questions
16
Answers
1
Paying bills online through your bank is a safe way to pay monthly bills.
False
True
2
Saving money to pay for an unplanned bill, like a car repair, is called:
Emergency Fund
College Fund
Vacation Fund.
3
Setting up an account at a bank or credit union is useful because:
There is no need to use check cashing stores or to pay high fees.
All of the above.
It can keep your money safe.
It is easy to get cash from it.
4
Health insurance is:
An important item to include in your budget.
Only good for those who get sick.
Not needed for most people.
5
All bank deposits up to $250,000 are protected by the FDIC (Federal Deposit Corporation).
True
False
6
Before sending money to help family or friends, I should:
MAke a budget.
Create an emergency saving fund for myself.
All of the above.
Talk to my family about how the money will be used.
7
A _____________ is a plan for how you will spend your money.
Paycheck
Credit Card
Budget
8
Credit is the ability to borrow money to buy things without paying for them up front.
True
False
9
How often can you get a free credit report from www.annualcreditreport.com?
Once every 12 months.
Once a month.
It is never free.
Once every 6 months.
10
Debt is:
Something that is owed to others.
Something that you do not have to pay back.
Something you can deposit in the bank.
11
Paying your bills on time will help to improve your credit.
True
False
12
Which of these are good ways to prevent fraud?
Do not accept checks from people you meet online.
Do not open emails or click on links from people you do not know.
Do not accept jobs that require you to set up a bank account.
All of the above.
13
Which of the following is the best way to make sure you are making good money choices?
Pay attention to what other people are buying.
Make a budget that includes how much you will spend and save.
Buy only what you need, never what you want.
Buy what makes you happy and excited.
14
The amount that you pay to borrow money from a bank is called:
Interest
Income
Oppurtunity
15
A need is:
Something that you would like to have.
A long-term goal.
Something that you must have for survival.
Very similar to a want.
16
What kind of taxes are taken out of your paycheck?
Social Security
Medicare Tax
Federal Income Tax
All of the above
