Financial Literacy Final Exam

Which of these is not a function of money?

• A store of value

• A way to make trade more difficult

• A unit of account

• A medium of exchange

What is bartering?

• Bargaining for the best price

• Borrowing to pay off a debt

• An arrangement to pay overtime

• The exchange of goods between two people

Which of these is a want and not a need?

• Shelter

• Health care

• A baseball cap

• Food

Which of these is a form of earning?

• Wages

• Theft

• A lottery win

• An inheritance

Of the following life goals, which is typically the most expensive?

• Paying for college tuition

• Raising a child

• Owning your own home

• Saving for retirement

Which would be considered an unanticipated life expense?

• Furthering education

• Childcare

• Managing a long-term illness

• Leasing a vehicle

Which might be found at the U.S. Department of Labor website?

• Information about car insurance

• Facts about mortgages

• Career resources

• Federal guidelines for healthcare

Which of these is a true statement?

• Planning for long-term goals is not as important as determining daily expenses.

• Personal ambitions and goals need to align with the financial prospects of a chosen career.

• Financial security is always more important than career interest and satisfaction.

Which of the following is true of college?

• College costs money, but community college and trade schools are free.

• College is the only way to get ahead in life.

• College may help you fulfill your personal and career goals.

• Attending college is a guarantee of personal happiness.

What is one difference between a Bachelor’s degree and an Associate’s degree?

• An Associate’s degree is usually free

• A Bachelor’s degree requires more time and credits

• An Associate’s degree is only offered for business subjects

• A Bachelor’s degree is not useful for the sciences