Exam (elaborations)
WISE FINANCIAL LITERACY SET A QUESTIONS AND ANSWERS
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WISE FINANCIAL LITERACY SET A QUESTIONS AND ANSWERS
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Name: Score:24 Multiple choice questions
Term 1 of 24
An example of opportunity costs is
buying concert tickets instead of buying a textbook for a course.
money received today is worth more than the same amount of money received in the
future.
the price of the car can vary a great deal.
"A penny saved it a penny earned."
Term 2 of 24
Mandatory deductions from a person's paycheck include
federal withholding tax and FICA.
Unemployment is extremely high.
"A penny saved it a penny earned."
the price of the car can vary a great deal.
Term 3 of 24
Fixed expenses include
rent.
inflation.
buying concert tickets instead of buying a textbook for a course.
A student loan.
,Term 4 of 24
When should a person begin contributing to a retirement plan?
buy a book from that store.
As young as possible.
Following a budget that allows for savings.
Bill will likely make more money because he is more valuable to his company.
Term 5 of 24
In order to get spending under control, a person should first
buy a book from that store.
values of decisions.
create a budget of current income and expenses.
total expenses + savings = total income
Term 6 of 24
The U.S. government agency responsible for the collection and enforcement of federal taxes is
known as
Unemployment is extremely high.
Is the new cell phone a need or a want?
U.S. Internal Revenue Service (IRS).
of the power of compounding and appreciation.
Term 7 of 24
A person has assets worth $15,000 and loans totaling $5,000. Her network is
values of decisions.
a will.
$73,000.
$10,000.
, Term 8 of 24
When a person has a balanced budget that includes savings then
total expenses + savings = total income
buy a book from that store.
values of decisions.
a will.
Term 9 of 24
What strategy can help a person achieve her goal to buy a house?
Following a budget that allows for savings.
As young as possible.
total expenses + savings = total income
Bill will likely make more money because he is more valuable to his company.
Term 10 of 24
A person who dies will have his assets distributed as he wanted as long as he has
$73,000.
a will.
$10,000.
values of decisions.
Term 11 of 24
An important feature of a good financial goal is that the goal
has a specific time frame.
"A penny saved it a penny earned."
Unemployment is extremely high.
federal withholding tax and FICA.
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