Financial Literacy Pulse Check

Multiple Choice

What do we call the amount left over from your paycheck after taxes and deductions?

• balance

• gross balance

• transaction

• net pay

Multiple Choice

The longer the money is invested the better?

• True

• False

Multiple Choice

A plan for spending

• income

• expenses

• sales tax

• budget

Multiple Choice

Which is an example of a variable expense?

• car payment

• mortgage

• electricity bill

Multiple Choice

Which type of expenses are these, rent, car payment?

• Crazy bills

• Variable expense

• Fixed expense

Multiple Choice

money earned or received

• Expenses

• Income

• Deductions

• Check

Multiple Choice

What do we call the amount of money left over each month after you have paid all of your expenses?

• Surplus

• Straight cash homie

• Debt

• Diversification

Multiple Choice

the total amount of personal income before taxes and deductions 

• Net Income

• Gross Income

Multiple Choice

A type of savings that signifies that you own a part of a corporation and a claim to their assets and earnings.

• Stock

• Share

• Dividend

• none is correct

Multiple Choice

When you buy a stock, you are buying a small piece of _______ in a company.

• debt

• ownership

• risk

Multiple Choice

What are the three rules for staying out of poverty?

• 1. Don't graduate from high school.

  2. Never have children

  3. Have a side hustle.

• 1. Graduating from high school.

  2. Have many children.

  3. Having a fun job.

• 1. Graduating from college.

  2. Get married as soon as you graduate high school.

  3. Having a full-time job.

• 1. Graduating from high school.

  2. Waiting to get married until after 21 and do not have children till after being married.

  3. Having a full-time job.

Multiple Choice

Anything that is purchased with the hope that it will generate income or be more valuable at a future date.

• investment

• loan

• income

• expense

Multiple Choice

The percentage at which interest is charged or paid.

• interest

• interest rate

• budget

• cost benefit analysis

Financial Literacy

by Erik Hauck

​What is Financial Literacy?

• ​Financial Literacy is the understanding and use of various financial skills including personal financial management, budgeting and investing.

​Why is it important?

• ​The lack of financial literacy can lead to debt, poor spending decisions and lack of long term retirement plans.

• Lack of financial literacy could lead to bankruptcy and financial hardships.

Multiple Choice

What is debt?

• Money you owe

• money you earn

• Taxed money

• money you invest

​Principles of Financial Literacy

1. Know the difference between a need and a want

2. budget your money

3. plan for the future

4. borrow when only necessary

5. Make a plan to pay down debt​

Multiple Choice

Current credit card debt in the US?

• 200 billion

• 100 billion

• 974.4 billion

• 1 trillion

Multiple Choice

Consumer debt in US

• 500 billion

• 1 billion

• 1 trillion

• 4.2 trillion

​Budget your money

​1. How much is your take home salary.

​

​2. Pay your bills first

​

​3. Use money on things you need.

​

​4. Save some of you salary.

Multiple Choice

On average Americans have how much debt?

• $10,000

• $90,550

• $50,233

• $100,345

​Plan for the future

​1. Save up money for a rainy day.

​

​2. Foresee any future expenditures that might come up.

​

​3. Pay yourself

Multiple Choice

The average student loan debt in America

• $37,000

• $100,000

• $20,000

• $50,000

​Borrow when only necessary

​1. Buying a car

​

​2. Buying a home.

​

​3. if you have to use a credit card, pay it off quick.

Multiple Choice

The average American has how much money in credit card debt?

• $1,000

• $2,000

• $5,000

• $6,200

​Make a plan to pay off debt

​1. Whatever you owe, pay extra to reduce the principle loan.

​

​2. If you spent a $100 on a credit card with 10% interest, don't just pay the $10 of interest. Pay back as much as you can if not all to bring balance to zero.