

Financial Literacy Final Exam
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Hard
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21 questions
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1.
FLASHCARD QUESTION
Front
What does this situation describe? Megan and her friends have had a long week and decided to treat themselves to an expensive meal. Unfortunately, the food isn’t very good, but Jada feels like she needs to finish it because she already paid for it.
Back
Sunk Cost Fallacy
2.
FLASHCARD QUESTION
Front
What does this situation describe? Jamal finds himself scrolling on TikTok and making small, frequent purchases for things he doesn’t really need. He likes the feeling of ordering something and getting it delivered within a few days, but then finds that he keeps coming back for more.
Back
Hedonic Adaptation
3.
FLASHCARD QUESTION
Front
What does this situation describe? Ryan is learning about investing in their economics class. After learning the basics of stocks and bonds, they feel confident they can pick winning stocks and want to invest half of their savings in stocks they select.
Back
Overconfidence
4.
FLASHCARD QUESTION
Front
What does this situation describe? Victoria is considering taking a gap year after graduating high school to travel and do a cheerleading bootcamp. However, she’s doubting her decision because most people from her high school plan to go to a 4-year university after graduating.
Back
Herd Mentality
5.
FLASHCARD QUESTION
Front
What does this situation describe? Crystal’s friends are all going to the Beyoncé concert. Crystal hasn’t saved up enough money to buy the expensive tickets, but they are afraid they’ll miss out on the experience if they don’t go. They’re tempted to take out a personal loan to buy the tickets.
Back
FOMO
6.
FLASHCARD QUESTION
Front
A checking account is described as
Back
An account that allows you to deposit money and withdraw it easily using checks or a debit card.
7.
FLASHCARD QUESTION
Front
What is a savings account?
Back
An account where you store money and earn interest, but can easily access it.
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