Financial Literacy Exam questions &
answers rated A+
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
answers rated A+
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
