Personal Financial Literacy Final True/False Exam Review

Front

Rule of 27 provides a quick way to see how quickly money will double at a specific rate

Back

False

Front

Because of deductions, your paycheck will be less than you actually earned

Back

True

Front

The higher the number of allowances claimed, the lower the tax is that is taken out.

Back

True

Front

A cell phone is an example of a need

Back

False

Front

A variable expense remains the same every month

Back

False

Front

A credit union is owned by its members

Back

True

Front

Net pay is a person’s take-home pay

Back

True

Front

A financial advisor handles all of an individual’s finances

Back

False

Front

If you don’t achieve your goals on the first try, you should give up immediately

Back

False

Front

Inflation results when prices rise sharply

Back

True