Financial Lit Final Exam Review

Front

Aiden insists that a certain item is a want for a 9-year-old but a need for a 16-year-old with a job. Can you guess what that item is? Options: Cell phone, $300 Sneakers, Netflix, A Dog

Back

Cell phone

Front

Evelyn, Emma, and Elijah are discussing their wish lists. They are talking about things they would like to have but are not necessary. What is this called?

Back

Wants

Front

Mason, Daniel, and Jackson are playing a game of Monopoly. They came across a situation where they owe a debt for goods like food, games, or clothes and services like a haircut. What is this situation called in real life?

Back

Bills

Front

Under which category would Emma, Evelyn, and David's entertainment expenses fall? (Options: Fixed Expense, Variable Expense)

Back

Variable Expense

Front

What is the key difference between Net Pay and Gross Pay?

Back

Net pay is the total amount of money you get AFTER taxes are deducted.

Front

The W-4 form lets...

Back

your employer know how much to withhold from your paycheck

Front

What is the main purpose of insurance?

Back

To reduce risk

Front

This is what you have to pay before the insurance company will pay anything

Back

deductible

Front

What is an insurance premium?

Back

Your monthly payment to your insurer, regardless of whether you use any services.

Front

This is the minimum required by law, only repairs the vehicle you hit, not your own

Back

Liability