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Examen
Financial Literacy 1 Exam And Answers
Invest in stocks - Answers-All the following are effective personal financial planning steps EXCEPT: Implement your plan Review and revise Invest in stocks Define your goals Risk-taker - Answers-Which of the following best describes entrepreneurs? Honest Outgoing Risk-taker Organizer What others are willing to pay you now - Answers-What is the fair market value of an item?
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Economics And Financial Literacy Exercise And Answers.
Popularnatural resources - Answers-Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain human resources - Answers-People who work to produce goods and services capital resources - Answers-Goods (like machines, tools, and buildings) and money used in the production of goods and services profit - Answers-Make money, more than what you spend to make the product. capital - Answers-An economic system based on private pr...
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Examen
Financial Literacy 11-16 Exercises And Answers.
Which of the following is NOT a function of money? sustaining of value standard of value medium of exchange store of value - Answers-sustaining of value The dollar is the United States's basic monetary unit. True False - Answers-true One of the functions of money is to act as a store of value, which means __________. it keeps its value over time it is accepted universally at all stores it keeps its value better when being saved rather than being spent it is valued more t...
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Financial Literacy Standard 5 Test And Answers
How is compound interest calculated? - Answers-Compound Interest is calculated on the money that you invest or loan to someone, plus any interest that they have already paid you T/F - You need a lot of money to start saving money - Answers-False What is principal? - Answers-The original amount of loan What is liquidity? - Answers-The quality of an asset that permits it to be converted quickly into cash without loss of value. For example, a checking account is more liquid than real estat...
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Examen
Financial Literacy Standard 1 Test Review And Choices
Define and Give Example of Fixed Expense - Answers-an expense that will be the same total amount week to week or month to month Ex: Mortgage, rents payments, and car payments What are 3 required payroll deductions? - Answers-Medicare, Social Security, and Federal Taxes What items are subtracted from your gross pay? - Answers-Taxes and Social Security What is one benefit that many employers offer to their employees? - Answers-401K, Retirement Plan and Medicare Insurance How do you ca...
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Examen
Financial Literacy Test And Answers
How can you avoid a monthly maintenance fee? - Answers-By opening both a checking and savings account at the same bank, setting up a monthly direct deposit, or choosing a checking or savings without a monthly fee. What is the average fee charged by large banks for using an out-of-network ATM? - Answers-$4.73 What is an excessive transactions fee? - Answers-An excessive transaction fee is a fee that happens when savings account holders withdraw over the federal limit. (The federal limit bei...
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Examen
Personal Finance Practice Exercise And Answers
Select the items from this list that are examples of good financial habits. - Answers-creating a budget no matter what your age asking advice from employees at a bank or financial advisers keeping good records saving as soon as you have a full-time job Read the following two descriptions. Decide who has better financial habits and attitudes. Lindsay doesn't feel that she will ever get her credit card paid off. After seeing her new bill, she tosses it aside so she doesn't have to ...
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Examen
Financial Literacy Credit Test And Answers.
Paul wants to purchase a lawn mower from a friend but doesn't have the money. The friend generously says he will let Paul have the lawn mower on credit but wants Paul to agree to give him his power saw if he can't pay back the loan. What is the correct term for this scenario? - Answers-secured loan Which number would be a valid credit score? - Answers-800 What is the correct definition of "variable rate"? - Answers-an interest rate that is going to change with the health of the...
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Examen
Financial Literacy Final Exam And Answers
Which of the following statements best describes how Americans are Credit is marketed so well that we desire to have it while completely dismissing the fact that interest rates and fees continue to destroy our financial well-being We are taught that we can buy happiness Buying things on credit has become acceptable in our culture We are driven by consumerism - Answers-Credit is marketed so well that we desire to have it while completely dismissing the fact that interest rates and fees conti...
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Examen
Personal Financial Literacy Final Exam And Choices.
Which of the following is an advantage of renting a home over owning one? - Answers-Homeowners are responsible for repairs. Approximately what percentage of Americans own their own homes? - Answers-about 64% Which of the following is an example of a non-liquid investment? - Answers-a pension Home ownership is cheaper than renting in the - - Answers-long term. Which of the following is a correct statement about buying a car? - Answers-Loan terms for cars can be as long as 72 months. ...
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Examen
Financial Literacy Exam 1 And Multiple Choices.
Step 2: Define Financial Goals - Answers--Write/formalize goals. -Attach a financial cost to each one. -When will you need the money to achieve the goal? -Analyze and revise your goals. SMART Step 3: Develop a Plan of Action - Answers--Flexibility: Life changes -Liquidity: Immediate use of cash by quickly and easily converting an asset. -Protection: Prepare for unexpected with insurance -Minimization of Taxes: Keep more of what you earn. Step 4: Implement Plan - Answers--Stick to it...
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Examen
Financial Literacy Unit 2 Study Guide Exam And Answers.
What are the four steps in preparing a budget? - Answers--Estimate total expected income for a certain time period -Decide how much of income you want to save -Estimate expenses -Balance your budget disposable income - Answers-money you have left to spend or save after taxes have been taken out; take home pay What choices do you have if your initial budget doesn't balance? - Answers-reduce the amount spent on variable expenses, remove some of your money from your savings if you plann...
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Examen
Standard 3 Study Guide- Financial Literacy Quiz And Choices
What is the primary difference between a bank and credit union? - Answers-Credit unions are not-for-profit financial cooperatives, whose earnings are paid back to members in the form of higher savings rates and lower loan rates. Banks are for-profit corporations, with declared earnings paid to stockholders only. What is the best way to prepare financially for a college education? - Answers-By using a savings account. What is the best option to get cash on a late weekend night? - Answers-Go...
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Examen
Overview Of Financial Literacy Quiz And Answers
financial literacy - Answers-knowledge about money and what you can do with money (includes knowledge about saving, investing, earning, spending, and even protecting your money) Items that involve financial literacy: - Answers-Interest rates on money in a savings account. Warranties. Home insurance. Donations. Jobs. Taxes. Banks. Stocks. Actions that involve financial literacy: - Answers-Opening a checking account. Deciding on a career path. Investing money. Creating a b...
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Examen
Financial Literacy: Personal Finance Questions And Answers.
Impulse - Answers-sudden, involuntary inclination prompting one to take an action which is not well thought-out Billing cycle - Answers-schedule of recurrent times in any regular system of preparing or sending bills For-Profit - Answers-(a business or institution) initiated or operated for the purpose of making a profit Nonprofit - Answers-not established for the purpose of making a profit ATM withdrawls - Answers-cash withdrawn by using a debit card and entering a PIN in an ATM C...
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Examen
Financial Literacy-Q1 And Answers
Health Maintenance Organization (HMO) and a Preferred Provider Organization (PPO) are two types of health care insurance plans. True or False? The difference of a HMO Monthly Policy and a PPO Monthly policy is that HMO's only provide medical coverage within a specified list of networked hospitals and doctors where as a PPO lets you have more flexibility in choosing which doctors you would like however PPOs cost a lot more per month. True False - Answers-True Examine two policies of th...
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Examen
Financial Literacy Section 2 Quiz And Answers.
Lenders determine your creditworthiness by all of the following EXCEPT: - Answers-Your grades in high school and/or college Banks are required to provide FDIC insurance: - Answers-That will guarantee your savings are safe up to $250,000 According to the workbook, what are the 3 C's of credit? - Answers-Character, capacity, capital The Rule of 72 is a way to figure: - Answers-How long it will take your money to double in a savings account All of the following are indicators that yo...
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Examen
Financial Literacy Final Exam With Multiple Choices.
Use the following paystub information to answer the next two questions: Charlie's gross pay is $5,000. He had $1,400 taken out of that amount; $1,050 is in taxes and $350 is for savings and retirement funds. - Answers-- Of the money taken out of Charlie's checking account, which number corresponds to the amount for deductions? - Answers-$1,050 Based on the above paystub information, what is Charlie's net income? - Answers-$3,600 Which of these is considered to be a perk? - Answ...
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Financial Literacy Test And Answers.
A poor credit score can affect: - Answers-Employment, Getting a loan, Deposits on utilities, apartment, and cell phone When trying to build credit, which of the following should you do? - Answers-Pay your balance in-full and on time What is the best way to avoid debt? - Answers-Do not spend more money than you make What does insurance prepare you for? - Answers-Medical emergency Which of the following is an advantage to online banking? - Answers-Available 24 hours a day, 7 days a wee...
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Examen
Financial Literacy Exam And Answers.
Important elements for working for yourself. - Answers-Own hours, make your own rules, and own pay. Three mandatory deductions from a paycheck. - Answers-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. - Answers-Human capital Money a person receives in exchange for work or use of property. - Answers-Income Extra money given for good service is called - Answers-Tip Ex...
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Examen
Financial Literacy Test And Answers
budget - Answers-a plan for making and spending money charitable giving - Answers-donating money, services or goods to groups in need cost - Answers-money spent to make a product credit - Answers-money that is loaned to someone, and usually paid back with interest demand - Answers-the number of consumers who want to buy a product or service experience - Answers-knowledge a person gains on the job human capital / labor - Answers-the knowledge and skills an employee gains in educ...
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Examen
Financial Literacy Questions And Answers.
What is the MOST IMPORTANT thing can you do now to improve your net worth 10 years from now? - Answers-- Regularly deposit money into a savings or investment account and don't take it out TRUE or FALSE: Investing money always involves some risk. - Answers-True When paying your bills, it is most financially beneficial to make larger payments to: - Answers-The debt with the highest interest rate Which of the following should you include when calculating your liabilities? - Answers-Mone...
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