A financial decision should include: Only the initial cost, The long-term financial impact of the decision, The opinions of your friends and family, The immediate gratification you receive

The long-term financial impact of the decision

What is a good strategy for discussing financial problems with a partner?

Be clear, calm, and focus on finding solutions.

Which of the following is an effective way to communicate your financial goals to a financial advisor? Speak in vague terms about your future, Be specific about your short-term and long-term financial goals, Avoid discussing your income and spending, Assume the advisor understands your financial situation without explanation

Be specific about your short-term and long-term financial goals

Which of the following is the best way to secure personal financial information online? Options: Use strong, unique passwords for each account, Share your passwords with family and friends, Store passwords in a document on your computer, Use the same password for all your financial accounts

Use strong, unique passwords for each account

If you receive an unsolicited phone call asking for your social security number, you should:

Hang up and report the call to the authorities.

Wise financial planning can help you:

Achieve your financial goals, such as buying a home or saving for retirement

A key benefit of having a financial plan is:

It helps you track your spending and adjust your goals

If you fail to create a financial plan, what could be a potential outcome?

You may accumulate significant debt

Effective financial planning can help you:

Achieve specific financial goals like buying a home or retiring comfortably

Money serves as a: Medium of exchange, store of value, unit of account, and standard of deferred payment

Medium of exchange, store of value, unit of account, and standard of deferred payment

Which of the following best describes the role of banks in the American economic system? Options: Banks are responsible for setting the prices of all goods and services, Banks hold the government’s money in vaults, Banks facilitate the flow of money by providing loans and services, Banks control all currency production

Banks facilitate the flow of money by providing loans and services

Which of the following is an example of supply and demand? A store lowers the price of winter coats at the end of the season, The government prints more money, A company raises wages across all positions, The government imposes tariffs on imported goods

A store lowers the price of winter coats at the end of the season

Identify components and sources of personal income. What is typically considered "passive income"?

Money earned through investments or royalties

Describe how the demand for certain skills helps determine the amount you will be paid. In general, which factor most directly affects the wages you can earn?

The demand for your skills in the job market

Describe how the demand for certain skills helps determine the amount you will be paid. A highly skilled software engineer is likely to earn more than a cashier because:

There are fewer software engineers than cashiers, The skills required for software engineering are in higher demand, Software engineers require more education and training, All of the above

Identify the effects of employment on financial security. Which of the following is an effect of consistent employment on financial security? It provides a regular income and benefits, It guarantees financial success regardless of spending habits, It ensures that you will never experience financial difficulty, It means you will automatically receive a promotion

It provides a regular income and benefits

Identify the effects of employment on financial security. What is the best way to increase financial security through employment? Options: Rely solely on a single income source, Continuously invest in education and job skills, Spend all earnings immediately to enjoy the present, Avoid tracking your spending

Continuously invest in education and job skills

How do retirement contributions affect disposable income?

They reduce disposable income since money is set aside for future use

Which of the following best defines "gross earnings"?

Your total income before any deductions

What affects your "take-home pay"?

Deductions such as taxes, insurance, and retirement contributions

A company match to an employee’s 401(k) contribution is:

Additional funds the company contributes to your retirement savings based on your contributions

Payroll taxes primarily fund which of the following? Public education, Social Security and Medicare programs, National defense, Public transportation

Social Security and Medicare programs

Taxpayers are required to report all of the following except: Wages earned from their job, Gifts received from family members, Investment income earned from stocks, Deductions for mortgage interest

Gifts received from family members

When filing your tax return, it is important to:

Report income from all sources accurately

What is a "tax exemption"?

A reduction in the total amount of income that is taxable

To file your income taxes using a 1040EZ form, you must meet which of the following requirements? You must have a complex financial situation with many deductions, You must be under 65 and have a simple tax situation, You must be a business owner, You must be a full-time student

You must be under 65 and have a simple tax situation

The W-2 form reports:

Your total income earned and the taxes withheld by your employer

When using a tax table to calculate your tax liability, you will find:

A breakdown of your income tax rate based on your filing status and income

Which of the following is an example of a short-term financial goal? Buying a home in 5 years, Saving $1,000 for an emergency fund in 6 months, Retirement savings for the next 20 years, Starting a college fund for your child

Saving $1,000 for an emergency fund in 6 months

Long-term financial goals are typically:

Focused on securing your financial future

Why is it important to create a personal financial plan?

To allocate your money efficiently and achieve financial goals

Which of the following is a good way to organize financial records? Options: Keep receipts in a drawer without categorizing them, Use digital tools or software to categorize and store financial data, Ignore keeping records and rely on memory, Only track income and not expenses

Use digital tools or software to categorize and store financial data

Financial Literacy Flashcard

Flashcard

•

Other

•

12th Grade

•

Practice Problem

•

Hard

Wayground Content

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Student preview

94 questions

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FLASHCARD QUESTION

Front

Making decisions early in life about education and savings can impact:

Back

Your financial security and career opportunities later in life

FLASHCARD QUESTION

Front

How can poor spending habits in your youth affect your later years?

Back

They could limit your ability to retire comfortably.

FLASHCARD QUESTION

Front

The financial decisions you make at 25 might affect:

Back

Your ability to purchase a home at age 35

FLASHCARD QUESTION

Front

When researching investment options, which source would provide the most reliable information? A personal blog about investment tips, A government website or financial institution, A friend who is a casual investor, A social media advertisement

Back

A government website or financial institution

FLASHCARD QUESTION

Front

Where is the best place to find up-to-date tax information?

Back

The IRS website

FLASHCARD QUESTION

Front

Which of the following is a key consumer protection law that helps safeguard individuals' credit card transactions?
The Fair Credit Reporting Act, The Fair Debt Collection Practices Act, The Credit Card Accountability, Responsibility, and Disclosure Act, The Consumer Product Safety Act

Back

The Credit Card Accountability, Responsibility, and Disclosure Act

FLASHCARD QUESTION

Front

When considering buying a new car, which is an example of a financial alternative to buying the car outright? Options: Leasing the car, Using a credit card to pay for the entire car, Ignoring the need for car insurance, Investing the money in a mutual fund

Back

Leasing the car

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