Financial Literacy Flashcard

Front

Which statement accurately describes how the 50/20/30 Rule would break down your take-home pay?

Back

50% needs, 20% on saving, and 30% on wants

Front

One way the grocery store tricks you into spending more money than you budgeted for is...

Back

Putting high priced items at eye level and lower cost items above or below eye level

Front

All of the following are good budgeting strategies if you want to save money at the grocery store, EXCEPT...
Focusing on unit price when comparing similar products
Building a weekly meal plan around items you already own or items that are on sale that week, rather than just choosing foods you'd like to eat
Preparing a grocery list before you go to the store and avoiding buying items that aren’t on the list
Focusing only on the price when comparing similar products

Back

Focusing only on the price when comparing similar products

Front

Which of these costs would be the MOST difficult to adjust if you were looking to reduce your expenses?
Dining out at local restaurants,
Loan payment on a new car,
Expenses for new clothes,
Postponing a purchase for a big-screen TV

Back

Loan payment on a new car

Front

When do you start paying income taxes?

Back

When you make more than the minimum income requirement

Front

All of the following are found on a W-2 form EXCEPT: Wages, tips and other compensation; Federal and state taxes withheld; Sales taxes paid; FICA taxes withheld

Back

Sales taxes paid

Front

Your health insurance plan has a $20 copay for certain covered prescription medications. You arrive at the pharmacist and pick up your prescription (which is covered under your plan) which has a list price of $75. How much would you pay the pharmacy?

Back

$20

Front

Medicaid generally provides insurance for which of the following groups of people? The elderly or disabled, Individuals in low-income households, Anyone who wants to buy coverage from the Marketplace, Employees who have a government position

Back

Individuals in low-income households

Front

Why should you personalize each thank you note you send after an interview?

Back

To make a lasting impression on each interviewer

Front

What is the purpose of a 401(k) plan?

Back

To save for retirement