Financial Literacy Final Exam

Front

What is cash?

Back

The physical form of money, such as coins or paper money.

Front

What is an unanticipated life expense?

Back

An unexpected cost that arises in life, such as managing a long-term illness.

Front

What is sales tax?

Back

A tax paid to the government for the sales of certain goods and services.

Front

What is a significant benefit of an apprenticeship?

Back

It enables an individual to work in a full-time job and receive specialized training.

Front

Which employee benefits are not required by law?

Back

Wellness benefits are not required by law.

Front

What is a budget?

Back

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

Front

What is the purpose of a balance sheet?

Back

To provide a snapshot of a company's financial position at a specific point in time.

Front

What does it mean to manage a long-term illness?

Back

To handle the financial and personal challenges associated with a chronic health condition.

Front

What is the difference between fixed and variable expenses?

Back

Fixed expenses remain constant, while variable expenses can change based on usage or consumption.

Front

What is the importance of financial literacy?

Back

It enables individuals to make informed decisions about their finances, investments, and savings.