Financial Literacy Exam UPDATED
ACTUAL Questions and CORRECT
Answers
The next best choice you could have made, but did not make. - CORRECT ANSWER -
Opportunity Cost
Some opportunity costs for the Robinsons. - CORRECT ANSWER - Having less time to
relax, less time to go out to dinner, and less money to spend.
Physical, intellectual, and creative talents of people. - CORRECT ANSWER - Human
resources
Gifts of nature. Includes, water, forests, natural gas, oil, and climate. - CORRECT
ANSWER - Natural resources
Goods that are used to produce other goods and services. Includes, tools, factories, equipment,
and office buildings. - CORRECT ANSWER - Capital resources
Is not referred as money, but is referred as items producing something else. - CORRECT
ANSWER - Capital
A medium exchange which allows you to get goods and services - CORRECT ANSWER -
Money
Why should you stay in school and earn your high school diploma instead of dropping out? -
CORRECT ANSWER - Higher income, job opportunities, getting a degree, and making
family proud.
What is cost of dropping out of school? - CORRECT ANSWER - Not getting an
education, lower income, less job opportunities, inability to attend college.
, Why should you save money? - CORRECT ANSWER - You won't be in debt.
Is important b/c the grids gives a step-by-step process in what you like. Also a clearer view in
what you think you like and what you don't like. - CORRECT ANSWER - Decision-
making
Job Application Process - CORRECT ANSWER - Looking for job openings, the letter of
application, the resume, the application, the interview, and thank-you letter
Characteristics of Entrepreneurs - CORRECT ANSWER - There own business,
hardworking, risk-taker, independent, confident
Important elements for working for someone else. - CORRECT ANSWER - your success
depends on everyone, pre-determined range for salary, responsibility in employee handbook.
Important elements for working for yourself. - CORRECT ANSWER - Own hours, make
your own rules, and own pay.
Three mandatory deductions from a paycheck. - CORRECT ANSWER - State income tax,
federal income tax, and social security tax.
The set of intangible assets individuals bring to their work: knowledge, skills, talent, and health.
- CORRECT ANSWER - Human capital
Money a person receives in exchange for work or use of property. - CORRECT
ANSWER - Income
Extra money given for good service is called - CORRECT ANSWER - Tip
ACTUAL Questions and CORRECT
Answers
The next best choice you could have made, but did not make. - CORRECT ANSWER -
Opportunity Cost
Some opportunity costs for the Robinsons. - CORRECT ANSWER - Having less time to
relax, less time to go out to dinner, and less money to spend.
Physical, intellectual, and creative talents of people. - CORRECT ANSWER - Human
resources
Gifts of nature. Includes, water, forests, natural gas, oil, and climate. - CORRECT
ANSWER - Natural resources
Goods that are used to produce other goods and services. Includes, tools, factories, equipment,
and office buildings. - CORRECT ANSWER - Capital resources
Is not referred as money, but is referred as items producing something else. - CORRECT
ANSWER - Capital
A medium exchange which allows you to get goods and services - CORRECT ANSWER -
Money
Why should you stay in school and earn your high school diploma instead of dropping out? -
CORRECT ANSWER - Higher income, job opportunities, getting a degree, and making
family proud.
What is cost of dropping out of school? - CORRECT ANSWER - Not getting an
education, lower income, less job opportunities, inability to attend college.
, Why should you save money? - CORRECT ANSWER - You won't be in debt.
Is important b/c the grids gives a step-by-step process in what you like. Also a clearer view in
what you think you like and what you don't like. - CORRECT ANSWER - Decision-
making
Job Application Process - CORRECT ANSWER - Looking for job openings, the letter of
application, the resume, the application, the interview, and thank-you letter
Characteristics of Entrepreneurs - CORRECT ANSWER - There own business,
hardworking, risk-taker, independent, confident
Important elements for working for someone else. - CORRECT ANSWER - your success
depends on everyone, pre-determined range for salary, responsibility in employee handbook.
Important elements for working for yourself. - CORRECT ANSWER - Own hours, make
your own rules, and own pay.
Three mandatory deductions from a paycheck. - CORRECT ANSWER - State income tax,
federal income tax, and social security tax.
The set of intangible assets individuals bring to their work: knowledge, skills, talent, and health.
- CORRECT ANSWER - Human capital
Money a person receives in exchange for work or use of property. - CORRECT
ANSWER - Income
Extra money given for good service is called - CORRECT ANSWER - Tip
