Everfi: Future Smart test

Front

Select the answer that best describes opportunity cost:

Back

What you give up as a result of choosing one option versus another; a trade-off.

Front

Which of the following expenses should be included in a typical budget?
Options:
taxes,
charitable giving - charities,
savings,
All of the expenses should be included in a typical budget

Back

All of the expenses should be included in a typical budget

Front

Which of the following would be considered a want for most people? A brand-name jacket, Transportation to get to work, A place to live, Nutritious food

Back

A brand-name jacket

Front

If you know the unit price of an item, you are better able to: Compare prices of two brands, Estimate how much you will need, Determine the total cost of the purchase, Figure out the discount during a sale

Back

Compare prices of two brands

Front

Your friend’s parents are worried about going over their budget for the month. Which expense would you suggest is NOT a need? Options: rent payment, car insurance, cable service, groceries

Back

cable service

Front

What factor has the biggest impact on a credit score? Options: having a variety of credit, the amount of money you owe on your credit cards, your history of making payments on time, the number of years that you have used credit responsibly

Back

your history of making payments on time

Front

A ______ is usually paid on a biweekly or monthly basis for professional employment.

Back

salary

Front

What is the best strategy to avoid paying interest on your credit cards?

Back

pay the full balance each month

Front

Amy's new summer job at the pool will pay her $9 hour. Which term describes this type of hourly income?

Back

wage

Front

What is the problem with paying only your minimum credit card balance each month?

Back

you have to pay interest