Financial Literacy Final Exam Review

Front

What is an advantage of using a credit card?

Back

Consumers can purchase things now, and pay for them later in the event of an emergency.

Front

Alyssa has her first job at the local bakery. After working for one week, she received her first paycheck. The total amount of money she is able to put in the bank is $75.62. What type of income does this amount describe?

Back

Net Income

Front

What type of tax does Jonathan have to pay for his new clothes? Options: Income Tax, Property Tax, Payroll Tax, Sales Tax

Back

Sales Tax

Front

Anthony has a new job. He is paid twice a month. He wants to save $720 a year to put toward college. How much money does Anthony need to save from each paycheck?

Back

Anthony should save $30 from each paycheck.

Front

If Sammy’s expenses are greater than his income, what must he do to balance his budget?

Back

Earn more money AND spend less

Front

Which of the following is considered an advantage to using a debit card to make purchases? Options: Debit cards are convenient and easy to carry around., Purchases can be made quickly and easily., You can use many ATMs to get cash., All of the above.

Back

All of the above.

Front

Amanda has to pay taxes on her annual salary and investments. Which type of tax is Kimberly paying? 

Back

Income Tax

Front

What is the money earned for work people do?

Back

income

Front

When you buy something on ___________ you pay for it later.

Back

credit

Front

When you put money aside to use in the future you are ________________ it.

Back

saiving