Review #1 MidTerm Financial Literacy

Front

Living on less than you make means NOT:

Back

Spending all of your money.

Front

If Richard works 58 hours at a regular rate of $15.00 per hour, what would his overtime wages be?

Back

$405.

Front

Your money personality impacts _________.

Back

How you handle money.

Front

The minimum amount your employer can pay you per hour is called___________.

Back

Minimum Wage.

Front

Which of the following is part of the formula that determines a person's FICO score?

Back

Their history of payments made to lenders.

Front

What is a budget?

Back

A plan that outlines expected income and expenses over a specific period.

Front

Define 'financial literacy'.

Back

The ability to understand and effectively use various financial skills.

Front

What does FICO stand for?

Back

Fair Isaac Corporation.

Front

What is the purpose of a savings account?

Back

To save money while earning interest.

Front

What is the difference between gross pay and net pay?

Back

Gross pay is the total earnings before deductions; net pay is what you take home after deductions.