Financial Literacy Final Exam

When should a person begin contributing to a retirement plan?

• Before deciding to start a family

• As young as possible

• At age 50

• Upon collecting Social Security

Fixed Expenses include

• Food

• Vacations

• Entertainment

• Rent

An important feature of a good financial goal is that the goal

• Has a specific time frame

• Is appropriate for the person's age

• Can last throughout the person's life

• Will take at least ten years for the person to achieve

Mandatory deductions from a person's paycheck include

• School taxes and contributions to a retirement account

• Federal withholding tax and FICA

• Regressive taxes and employee automatic

• Property taxes and employee benefits

A college student has to live on a tight budget. Before making a decision to buy the newest cell phone, which question should he ask himself first?

• Is the new cell phone cheaper than the one being used?

• Is the new cell phone on sale?

• Is the new cell phone a need or a want?

• Will my friends like the new cell phone?

Comparison Shopping for a car is necessary because

• Each dealer sells cars with different colors

• Lenders want to be sure consumers get the best price

• It is a requirement to qualify for car insurance

• The price for the car can very a great deal

Tags

CCSS.RI.7.2

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.8.1

CCSS.RL.9-10.2

A person who dies will have his assets distributed as he wanted as long as he has

• A doctor

• A will

• An accountant

• A financial plan

In order to get spending under control, a person should first

• Seek help on investing from a financial planner

• Consult a credit counseling service

• Create a budget of current income and expenses

• Subscribe to financial newsletters and magazines

The U.S. government agency responsible for the collection and enforcement of federal taxes is know as

• Consumer Financial Protection Bureau (CFPB)

• U.S. Internal Revenue Service (IRS)

• Securities and Exchange Commission (SEC)

• Federal Reserve System (Fed)

A person has assets worth $15,000.00 and Loans totaling $5,000.00 Her net worth is

• $5,000.00

• $15,000.00

• $20,000.00

• $10,000.00

Tags

CCSS.6.NS.C.5