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Financial Literacy Exam Questions and Answers Latest Update
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What was the median household income according to the 2015 U.S. Census? - Answer-$56,000 People who work hard, live below their means, and start saving early will likely become what? - Answer-Millionaires Walter Bagehot thought that it was whose job to hold the gold so that all the smaller ba...

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  • October 12, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • financial literacy exam questions and answers late
  • what was the median household income according to

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  • Financial Literacy
  • Financial Literacy

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Financial Literacy Exam Questions and
Answers Latest Update
What was the median household income according to the 2015 U.S. Census? - Answer-
$56,000

People who work hard, live below their means, and start saving early will likely become
what? - Answer-Millionaires

Walter Bagehot thought that it was whose job to hold the gold so that all the smaller
banks did not have to? - Answer-Bank of England (central bank)

If your investments are too conservative (safe), you will earn a much smaller return on
investment (ROI), and therefore adopting a more aggressive long-term investment
strategy that is comprised mostly of __________ is the key to growing wealth. - Answer-
Stocks

Ideally, you should save what percentage of your salary each year for retirement,
regardless of how much you earn? - Answer-10%

What term describes when customers simultaneously come to a fractional-reserve
banking system financial institution and demand their paper money be converted to its
metal equivalent? - Answer-Bank run

By one estimate, John Law's French bank had about how many times as much paper
bank notes in circulation as its gold and silver reserves making it a precursor to the
banking system that is normal today? - Answer-Four

In order to pay for the Nine-Year's War, King William's administration borrowed huge
sums of money and used what to pay the loans back with interest? - Answer-Taxes

What term describes the amount of funds that a bank holds in reserve to ensure that it
is able to meet liabilities in case of sudden withdrawals and is also a tool used by the
central bank to increase or decrease the money supply in the economy? - Answer-
Reserve requirements

What 17th century English innovation was a receipt for deposits of gold from the public,
was as good as gold money, and rapidly became a generally accepted new currency? -
Answer-Representative money bank notes

Americans who aspire to become wealthy may be surprised that they do not need
what? - Answer-All answers are correct

, In 1692, John Law observed how the English government was paid for by long-term
debt and paper money and he marveled at what stimulating effects of paper money? -
Answer-All answers are correct

Genghis Khan's grandson took measures to insure the authenticity of his currency and
what was the punishment if anyone forged it or would not accept it as payment? -
Answer-Death

Victorian banker-journalist Walter Bagehot examined the difference in the appearance
of bank solidity and the reality that Victorian banks kept going bankrupt and he
concluded that the cause of these multiple bank crises were due to what? - Answer-
Lending money to people who cannot pay it back

John Law thought that the crucial thing was to get money moving around the economy
and to use it to stimulate trade and what? - Answer-Business

Which new invention, backed by the authority of the state, did Kublai Khan implement in
1260? - Answer-Paper money

What is the biggest factor that determines whether you can save $1 million for
retirement on an average salary? - Answer-The age when you started investing

When the deeply indebted King of France, Louis XIV, died in 1715, John Law advised
the new child King's regent that what is "not the value FOR which good are exchanged,
but the value BY which they are exchanged?" - Answer-Money

In America today, whose role is it to guarantee the profitability of banks and be "the
lender of last resort" in a time of crisis? - Answer-The Federal Reserve

In 1694, the English government borrowed 1.2 million pounds at a rate of 8% and in
return the lenders were allowed to incorporate themselves into what new company? -
Answer-Bank of England

What type of modern day banking system functions by requiring banks to only hold a
fraction of the money their customers' deposit as reserves which allows them to use the
rest of it to make loans and thereby essentially create new money? - Answer-Fractional-
reserve banking system

What type of job would most likely enable achievement of millionaire status? - Answer-
All answers are correct

In 1689, the English King William's administration had to solve the problem of how to
pay for what against King Louis XIV of France? - Answer-War

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