Financial Literacy Quiz

Why is it important to think about your financial future now?

• Money is not a useful resource.

• Financial decisions do not affect your future lifestyle.

• It can offer security during emergencies and unpredictable events.

• You should only think about finances after college.

What is wealth according to the notes?

• The total amount of money you earn from your job.

• The accumulation of valuable assets such as money, property, or investments.

• The amount of money you spend each month.

• The money you borrow from a lender.

When can you start building wealth?

• Only after graduating from college.

• During high school with a part-time job.

• After getting your first full-time job.

• Once you have a large inheritance.

What is a budget?

• A plan for spending and saving money from each paycheck.

• The total amount of money you earn from your job.

• A loan from a bank.

• The amount of money you spend on entertainment.

What is a significant financial responsibility when buying a house?

• Monthly rent

• Down payment

• Gym membership

• Internet subscription

What are some of the utility services you need to pay for when renting or buying a home?

• Internet and cable

• Electricity, gas, sewage, and trash collection

• Gym and pool access

• Lawn care services

What are some major transportation expenses in adulthood?

• Buying groceries

• Car purchases and public transportation

• Movie tickets

• Dining out

What are included in food expenses?

• Groceries, food delivery services, and dining at restaurants

• Insurance payments and debt payments

• Career changes and marriage

• Savings accounts and investments

What is insurance?

• A service that offers financial support for specific types of medical bills, property damages, or other unexpected costs

• The total amount of money that you owe to other people and businesses

• A type of savings or investment account

• Assets such as stocks and bonds

What is the total amount of money that you owe to other people and businesses called?

• Debt

• Insurance

• Investment

• Retirement fund