Lesson 1 Content Flashcard Financial Literacy

Front

Financial literacy means:

Back

Knowing how money works, including earning, spending, saving, and following money rules/laws

Front

Which of these is an example of budgeting? Options: Returning a broken product to the store, Planning how much money to spend on needs, wants, and savings, Buying a used phone advertised as new, Borrowing money from a friend

Back

Planning how much money to spend on needs, wants, and savings

Front

The FDIC protects: Stocks and bonds, Bank deposits up to $250,000, Lottery winnings, Cryptocurrency wallets

Back

Bank deposits up to $250,000

Front

The Truth in Lending Act requires lenders to: Clearly explain the cost of borrowing money, including interest rates and fees

Back

Clearly explain the cost of borrowing money, including interest rates and fees

Front

On a paycheck, “gross pay” is:

Back

The total you earn before deductions

Front

If your gross pay is $600 and you have $30 in local taxes, your net pay is:

Back

$570

Front

Which of these is a risk in a financial decision? Options: The chance of losing money or having a bad outcome, A guaranteed profit, Saving money in a bank account, Buying something on sale

Back

The chance of losing money or having a bad outcome

Front

Local taxes pay for which two of the following services?
Options:
Schools and roads,
Movie theaters and restaurants,
Shopping malls and amusement parks,
Gyms and coffee shops

Back

Schools and roads

Front

One example of a consumer protection law in action is: A customer receives a refund after a faulty product is recalled by the manufacturer.

Back

A customer receives a refund after a faulty product is recalled by the manufacturer.

Front

A job offers $11/hour for 35 hours a week. How much would you earn before deductions in one week?

Back

$385