Financial Literacy Final Exam Questions With Complete
Solutions
A form of federal or state financial aid that does not need to be
repaid; usually given to students who demonstrate financial need
(grant, scholarship) Correct Answer grant
A form of financial aid that does not need to be repaid; usually
awarded on the basis of academic, athletic or other achievements
(grant, scholarship) Correct Answer scholarship
A form that is completed annually by current and prospective
college students to determine their eligibility for financial aid
(FOS, FAFSA) Correct Answer FAFSA
A list of your investments (bank statement, portfolio) Correct
Answer portfolio
A person that starts his or her own business (entrepreneur,
advisor) Correct Answer entrepreneur
A program that allows students to work part time while
continuing their studies (work study, overtime) Correct Answer
work study
A public sale in which property or items of merchandise are sold
to the highest bidder (thrift store, auction) Correct Answer
auction
, A spur-of-the-moment, unplanned decision to buy a product or
service (impulse buy, buyerʹs remorse) Correct Answer
impulse buy
A two-year government-supported college that offers an
associateʹs degree (trade school, community college) Correct
Answer community college
Allows students to learn basic professional skills in two years or
less; typically cut out many of the general courses required by
traditional universities (trade school, self-education) Correct
Answer trade school
An amount of money you spend, usually $300, that causes some
pain to part with (significant purchase, opportunity cost)
Correct Answer significant purchase
An economic system based on a free market, profit motive, open
competition and private ownership of the means of production
(communism, capitalism) Correct Answer capitalism
At your age, a fully funded emergency fund should be: Correct
Answer $500
Dave tells the story of a man who bought his dream car, drove it
home, but then returned it the next day after some money
calculations. This story is an example of: Correct Answer
Opportunity cost
dentify which method companies are using to compete for your
money:
Solutions
A form of federal or state financial aid that does not need to be
repaid; usually given to students who demonstrate financial need
(grant, scholarship) Correct Answer grant
A form of financial aid that does not need to be repaid; usually
awarded on the basis of academic, athletic or other achievements
(grant, scholarship) Correct Answer scholarship
A form that is completed annually by current and prospective
college students to determine their eligibility for financial aid
(FOS, FAFSA) Correct Answer FAFSA
A list of your investments (bank statement, portfolio) Correct
Answer portfolio
A person that starts his or her own business (entrepreneur,
advisor) Correct Answer entrepreneur
A program that allows students to work part time while
continuing their studies (work study, overtime) Correct Answer
work study
A public sale in which property or items of merchandise are sold
to the highest bidder (thrift store, auction) Correct Answer
auction
, A spur-of-the-moment, unplanned decision to buy a product or
service (impulse buy, buyerʹs remorse) Correct Answer
impulse buy
A two-year government-supported college that offers an
associateʹs degree (trade school, community college) Correct
Answer community college
Allows students to learn basic professional skills in two years or
less; typically cut out many of the general courses required by
traditional universities (trade school, self-education) Correct
Answer trade school
An amount of money you spend, usually $300, that causes some
pain to part with (significant purchase, opportunity cost)
Correct Answer significant purchase
An economic system based on a free market, profit motive, open
competition and private ownership of the means of production
(communism, capitalism) Correct Answer capitalism
At your age, a fully funded emergency fund should be: Correct
Answer $500
Dave tells the story of a man who bought his dream car, drove it
home, but then returned it the next day after some money
calculations. This story is an example of: Correct Answer
Opportunity cost
dentify which method companies are using to compete for your
money:
