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Financial Literacy Exam Questions and Answers
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  • Financial Literacy
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  • Financial Literacy

Inflation can cause difficulty in many ways. Which group would have the greatest problem during periods of high inflation that last several years? - Answer-b.) Older people living on fixed retirement income Which of the following is true about sales taxes? - Answer-d.) It makes things more expen...

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  • October 12, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • financial literacy exam questions and answers
  • inflation can cause difficulty in many ways which

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  • Financial Literacy
  • Financial Literacy

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lectknancy

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Financial Literacy Exam Questions and
Answers
Inflation can cause difficulty in many ways. Which group would have the greatest
problem during periods of high inflation that last several years? - Answer-b.) Older
people living on fixed retirement income

Which of the following is true about sales taxes? - Answer-d.) It makes things more
expensive for you to buy.

Rebecca has saved $12,000 for her college expenses by working part-time. Her plan is
to start college next year and she needs all of the money she saved. Which of the
following is the safest place for her college money? - Answer-d.) A bank savings
account.

Which of the following types of investment would best protect the purchasing power of a
family's savings in the event of a sudden increase in inflation? - Answer-d.) A house
financed with a fixed-rate mortgage.

Under which of the following circumstances would it be financially beneficial to you to
borrow money to buy something now and repay it with future income? - Answer-a.)
When you need to buy a car to get a much better paying job.

Which of the following statements best describes your right to check your credit history
for accuracy? - Answer-a.) Your credit record can be checked once a year for free.

Your take-home pay from your job is less than the total amount you earn. Which of the
following best describes what is taken out of your total pay? - Answer-c.) Federal
income tax, social security and Medicare contributions.

Retirement income paid by a company is called: - Answer-b.) Pension.

Many people put aside money to take care of unexpected expenses. If Juan and Elva
have money put aside for emergencies, in which of the following forms would it be of
LEAST benefit to them if they needed it right away? - Answer-a.) Invested in a down
payment on the house

Chelsea worked her way through college earning $15,000 per year. After graduation,
her first job pays $30,000. The total dollar amount Chelsea will have to pay in Federal
Income taxes in her new job will: - Answer-a.) Double, at least, from when she was in
college.

Which of the following best describes the primary sources of income for most people
age 20-35? - Answer-b.) Salaries, wages, tips.

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