Financial Lit Posttest

Front

What is the definition of a budget?

Back

A record of income and spending and a plan for managing your money.

Front

What is the difference between a debit card and a credit card?

Back

A debit card looks like a credit card but operates like cash; money is taken from the person's bank account (usually checking).

Front

Can you help them figure out the difference between 'needs' and 'wants'?

Back

Needs are goods or services that people cannot survive without, while wants are for comfort or contentment but not essential for survival.

Front

What does gross pay mean?

Back

The total amount you earn before any deductions.

Front

What are the mysterious deductions on Daniel's paycheck?

Back

Amounts subtracted from your gross pay, including taxes and benefits.

Front

What is a mortgage?

Back

A loan specifically for purchasing property.

Front

Imagine you're on a financial adventure with Sophia, Olivia, and Lily. What's the smartest way to keep your treasure chest full and avoid the dreaded debt trap?

Back

Only buy things that you can purchase with cash

Tags

MA.912.FL.3.11

Front

Did you know that 45% of Americans have less than $1,000 saved for a(n) _____________? Can you guess what it is?

Back

Emergency

Tags

MA.912.FL.3.11

Front

Imagine you're like Luna, trying to save up for a dream trip. Living on less than you make means NOT:
- Going to college after high school
- Spending all of your money
- Buying a car at 16 years old
- Budgeting to eat out with friends

Back

Spending all of your money

Tags

MA.912.FL.3.11

Front

What is the modern-day wizardry called when an employer sends salary straight to an employee's bank account without any effort from the employee?

Back

Direct Deposit

Tags

MA.912.FL.1.2