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Economics - Financial Literacy Exam Questions with Latest Update
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  • Financial Literacy
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  • Financial Literacy

What should you do in order to get spending under control? - Answer-create a budget of current income and expenses Why is comparison shopping for a car necessary? - Answer-the price of a car can vary Why do financial planners stress the importance of starting to save and invest early? - Answe...

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  • October 12, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • economics financial literacy exam questions with
  • what should you do in order to get spending under

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  • Financial Literacy
  • Financial Literacy

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Economics - Financial Literacy Exam
Questions with Latest Update
What should you do in order to get spending under control? - Answer-create a budget of
current income and expenses

Why is comparison shopping for a car necessary? - Answer-the price of a car can vary

Why do financial planners stress the importance of starting to save and invest early? -
Answer-the power of compounding and apprication

What is an important feature of a good financial goal? - Answer-a specific time frame

What causes purchasing power to decrease when there is more money to buy goods? -
Answer-inflation

How can someone achieve their goal of buying a house? - Answer-Follow a budget that
allows for savings

What should you decide before buying a new cell phone? - Answer-Is this a need or a
want

What is an example of financial advice? - Answer-"A penny saved is a penny earned."

What is an example of a fixed expense? - Answer-Rent, cell phone bill, car payment

What is an example of a mandatory deduction from a paycheck? - Answer-federal
withholding tax and FICA

When should someone contribute to a retirement plan? - Answer-as young as possible

What is someone's main source of income? - Answer-Wages or salary

Who is responsible for the collection of federal taxes? - Answer-The International
Revenue Service (IRS)

What is the equation of a balanced budget? - Answer-total expenses + savings = total
income

Why do financial advisors recommend that a person save 10% of each paycheck? -
Answer-to build wealth and income

Define the "time value of money" - Answer-money received today is worth more than
the same amount received in the future

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