General Financial Literacy Test
Questions with Detailed Answers 2026-
2027 Updated.
Values - Answer based on person's beliefs & influence spending habits
SMART Goals - Answer Specific, Measurable, Attainable, Realistic, Timely
Short Term Goals - Answer less than 1 year
Long Term Goals - Answer more than 1 year
Financial Goals - Answer goal intended to assure financial security present+future
Decision Making Process - Answer Define problem, Brain solutions/alternatives, Consider
Consequences of alternatives, MAke decision, Evaluate decision
Economics - Answer the social science study of how people use their limited resources in
satisfaction to their limitless wants
Scarcity - Answer Principle stating that because of limited resources, an economic system
cannot produce all the goods and services that people want; therefore, choices must be made
about how to spend the resources
Opportunity Cost - Answer The value of what is given up when a person chooses one option
over another
Cost Analysis - Answer How much something costs
Cost Benefit Analysis - Answer How much benefits outweighs the cost
Need - Answer The essential for life
Want - Answer Items, activities, or services that increase the quality of life
Researching a career - Answer -increases knowledge of educational requirements
, Career Plan - Answer Occupational goal, Human capital, Skill development
Future income - Answer -depends mainly on Education
Sources of Income - Answer Wages, Investments, Self-employment
Employee Benefits - Answer Insurance, Leave, Retirement, Tuition reimbursement
Cost-of-Living - Answer Housing, Transportation, Food, & Utilities (NOT education)
Return on Investment (ROI) - Answer a measure of an investment's worth
Entrepreneurship - Answer The capacity and willingness to develop, organize and manage a
business venture along with any of its risks in order to make a profit.
Entrepreneurship - RISKS - Answer Financial failure, time-commitment, stress, less time with
family, unpredictable income
Entrepreneurship - REWARDS - Answer Be your own boss, take advantage of business
opportunity, introduce new product or service, better use of skills and knowledge, more
creativity and control
Resume - Answer A brief written account of personal, educational, and professional
qualifications and experience, as that prepared by an applicant for a job.
FASFA (Free Application for Federal Student Aid) - Answer used to calculate Expected Family
Contribution (EFC)
Types of Financial Aid - Answer scholarships, loans, work-study, pell grants
FASFA4Caster - Answer estimate of person's eligibility for federal student aid
Gross Income - Answer Income before taxes
Net Income - Answer Income after taxes
Questions with Detailed Answers 2026-
2027 Updated.
Values - Answer based on person's beliefs & influence spending habits
SMART Goals - Answer Specific, Measurable, Attainable, Realistic, Timely
Short Term Goals - Answer less than 1 year
Long Term Goals - Answer more than 1 year
Financial Goals - Answer goal intended to assure financial security present+future
Decision Making Process - Answer Define problem, Brain solutions/alternatives, Consider
Consequences of alternatives, MAke decision, Evaluate decision
Economics - Answer the social science study of how people use their limited resources in
satisfaction to their limitless wants
Scarcity - Answer Principle stating that because of limited resources, an economic system
cannot produce all the goods and services that people want; therefore, choices must be made
about how to spend the resources
Opportunity Cost - Answer The value of what is given up when a person chooses one option
over another
Cost Analysis - Answer How much something costs
Cost Benefit Analysis - Answer How much benefits outweighs the cost
Need - Answer The essential for life
Want - Answer Items, activities, or services that increase the quality of life
Researching a career - Answer -increases knowledge of educational requirements
, Career Plan - Answer Occupational goal, Human capital, Skill development
Future income - Answer -depends mainly on Education
Sources of Income - Answer Wages, Investments, Self-employment
Employee Benefits - Answer Insurance, Leave, Retirement, Tuition reimbursement
Cost-of-Living - Answer Housing, Transportation, Food, & Utilities (NOT education)
Return on Investment (ROI) - Answer a measure of an investment's worth
Entrepreneurship - Answer The capacity and willingness to develop, organize and manage a
business venture along with any of its risks in order to make a profit.
Entrepreneurship - RISKS - Answer Financial failure, time-commitment, stress, less time with
family, unpredictable income
Entrepreneurship - REWARDS - Answer Be your own boss, take advantage of business
opportunity, introduce new product or service, better use of skills and knowledge, more
creativity and control
Resume - Answer A brief written account of personal, educational, and professional
qualifications and experience, as that prepared by an applicant for a job.
FASFA (Free Application for Federal Student Aid) - Answer used to calculate Expected Family
Contribution (EFC)
Types of Financial Aid - Answer scholarships, loans, work-study, pell grants
FASFA4Caster - Answer estimate of person's eligibility for federal student aid
Gross Income - Answer Income before taxes
Net Income - Answer Income after taxes
