Quiz about Financial Literacy: Mid-Unit Quiz - GJ

Question 1

What is the main advantage of using cash as a method of payment when dealing with multiple currencies?

Accepted Answer

It is secure

Answer

It takes a long time to process

Answer

It is easy to carry multiple currencies

Answer

It is anonymous

Question 2

What is a disadvantage of using a debit card as a method of payment when dealing with multiple currencies?

Accepted Answer

doesn't help you improve your credit score

Answer

It is hard to get

Answer

It is not secure

Answer

Purchase take a while to show up in your account

Question 3

What is a advantage of using an electronic wallet as a method of payment when dealing with multiple currencies?

Accepted Answer

All of the above

Answer

Avoids high currency exchange fees

Answer

It is easy to use

Answer

It is secure

Question 4

What is a disadvantage of using a wire transfer as a method of payment when dealing with multiple currencies?

Accepted Answer

It can take several days

Answer

It may have age restrictions

Answer

It is not widely accepted

Answer

It is not anonymous

Question 5

What is a advantage of using a money order as a method of payment when dealing with multiple currencies?

Accepted Answer

It is widely accepted

Answer

They are as common as cash

Answer

There are no service fees

Answer

It is anonymous

Question 6

What is a disadvantage of using a bank draft as a method of payment when dealing with multiple currencies?

Accepted Answer

It must be issued at the bank

Answer

It may have age restrictions

Answer

It is not widely accepted

Answer

It is not anonymous

Question 7

What is a disadvantage of using cryptocurrency as a method of payment when dealing with multiple currencies?

Accepted Answer

It is not widely accepted

Answer

It is not easy to use

Answer

It is not secure

Answer

It is not anonymous

Question 8

What is a advantage of using credit card as a method of payment when dealing with multiple currencies?

Accepted Answer

It is widely accepted

Answer

There is no interest on late payments

Answer

There is no exchange rate to worry about

Answer

It is anonymous

Question 9

What is a disadvantage of using e-Transfers as a method of payment when dealing with multiple currencies?

Accepted Answer

It can take several days

Answer

It may have age restrictions

Answer

It is not widely accepted

Answer

It is not anonymous

Question 10

What is a key concept to consider when making a purchase that requires a conversion of funds?

Accepted Answer

The exchange rate

Answer

The age restriction

Answer

The qualification requirements

Answer

The anonymity of the transaction.

Question 11

What is the difference between gross income and net income?

Accepted Answer

Gross income is the amount of money earned before taxes, while net income is the amount of money earned after taxes.

Answer

Net income is the amount of money earned before taxes, while gross income is the amount of money earned after taxes

Answer

Gross income and net income are the same thing

Answer

Gross income is the amount of money you earn, while net income is the amount of money you spend.

Question 12

What is a long-term financial goal?

Accepted Answer

A goal that you want to achieve in more than 2 years

Answer

A goal that you want to achieve in the next week

Answer

A goal that you want to achieve in the next year

Answer

An impulse buy, some thing you wanted after seeing it in a store.

Question 13

Which of the following is not an example of an income source?

Accepted Answer

Losses from investments or businesses

Answer

Hourly wage

Answer

Salary

Answer

Commission

Question 14

Which of the following is not an example of an expense?

Accepted Answer

Profit from investments or businesses

Answer

Tuition

Answer

Rent

Answer

Cable

Question 15

What is one tax implication that should be considered when creating a financial plan?

Accepted Answer

Gross income versus net income

Answer

The number of dependents you have

Answer

The number of years you have been working

Answer

The amount of money you have in your savings account

Question 16

If a student's net monthly income is only slightly more than expenses, what is one financial goal they might consider?

Accepted Answer

Paying off credit card debt

Answer

Purchasing a new car

Answer

Saving for a trip to Europe

Answer

All of the above

Question 17

If a student's net monthly income is somewhat more than enough to cover expenses, what is one financial goal they might consider?

Accepted Answer

Saving for a down payment on a house

Answer

Starting a small business

Answer

Investing in the stock market

Answer

All of the above

Question 18

If a student's net monthly income is lots more than their expenses, what is one financial goal they might consider?

Accepted Answer

All of the above

Answer

Paying off student loans

Answer

Building an emergency fund

Answer

Making large investments

Question 19

Which of the following is an example of a taxable benefit?

Accepted Answer

All of the above

Answer

health and dental insurance

Answer

Employer-provided housing

Answer

Employer-provided car

Question 20

How does considering income, expenses, and tax implications help with creating a financial plan to reach a long-term financial goal?

Accepted Answer

Both of the above

Answer

It allows you to identify how much money you have to work with and what areas you need to cut back on in order to reach your goal

Answer

It helps you to understand how your income and expenses may change over time, and what steps you need to take to ensure that you can still reach your goal

Answer

None of the above.

Question 21

What is a balanced budget?

Accepted Answer

A budget in which you spend less than you earn.

Answer

A budget in which you spend the same as you earn

Answer

A budget in which you spend more than you earn

Answer

A budget in which you spend exactly half of what you earn.

Question 22

What is one way to maintain a balanced budget?

Accepted Answer

Tracking income and expenses

Answer

Ignoring your income and expenses

Answer

Spending more than you earn

Answer

Spending the same as you earn

Question 23

How can you increase your income to maintain a balanced budget?

Accepted Answer

All of the above

Answer

By working more hours

Answer

By taking on a second job

Answer

By asking for a raise

Question 24

How can you reduce costs to maintain a balanced budget?

Accepted Answer

By cutting back on unnecessary expenses

Answer

By buying more expensive items

Answer

By not shopping for sales

Answer

By not keeping track of your expenses

Question 25

What is an example of a budgeting tool?

Accepted Answer

Spreadsheets

Answer

A credit card

Answer

A calculator

Answer

A pen and paper

Question 26

What is the benefit of using a budgeting tool?

Accepted Answer

It makes budgeting more efficient and accurate

Answer

It makes budgeting more difficult

Answer

It makes budgeting more time-consuming

Answer

It makes budgeting more expensive

Question 27

What is an example of a common budgeting app?

Accepted Answer

Mint

Answer

Instagram

Answer

Spotify

Answer

TikTok

Question 28

How can using a budgeting app help maintain a balanced budget?

Accepted Answer

By providing easy access to budgeting information and tools

Answer

By making it harder to keep track of expenses

Answer

By making it easier to overspend

Answer

By automatically increasing your expenses

Question 29

How can creating a budget for a person working in a specific job help in maintaining a balanced budget?

Accepted Answer

It allows you to understand the income and expenses specific to that job and make adjustments accordingly

Answer

It makes budgeting more difficult

Answer

It makes budgeting more time-consuming

Answer

It makes budgeting more expensive

Question 30

How do social-emotional learning skills and financial management concepts and skills develop together?

Accepted Answer

By understanding the emotions and decision-making that goes into budgeting and financial planning

Answer

By making it harder to make financial decisions

Answer

By making it easier to overspend

Answer

By making financial planning more expensive

Financial Literacy: Mid-Unit Quiz - GJ

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