Mastering Financial Literacy Basics

Mastering Financial Literacy Basics

Assessment

Flashcard

Life Skills

10th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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20 questions

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1.

FLASHCARD QUESTION

Front

What is the primary purpose of creating a budget?

Back

To plan for future financial goals

2.

FLASHCARD QUESTION

Front

Which of the following is a simple procedure to calculate your monthly savings? Subtract monthly expenses from monthly income, Add monthly expenses to monthly income, Multiply monthly income by monthly expenses, Divide monthly income by monthly expenses

Back

Subtract monthly expenses from monthly income

3.

FLASHCARD QUESTION

Front

What is a credit score used for?

Back

To assess your creditworthiness

4.

FLASHCARD QUESTION

Front

Which factor has the most significant impact on your credit score? Options: Number of credit inquiries, Length of credit history, Payment history, Types of credit used

Back

Payment history

5.

FLASHCARD QUESTION

Front

What is the main difference between a savings account and a checking account?

Back

Savings accounts offer higher interest rates.

6.

FLASHCARD QUESTION

Front

Which type of savings account typically offers the highest interest rate? Options: Regular savings account, Money market account, Certificate of deposit (CD), Checking account

Back

Certificate of deposit (CD)

7.

FLASHCARD QUESTION

Front

What is the primary goal of investing?

Back

To earn a return on your money

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