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Financial Literacy - Final Exam Questions with Correct Answers
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U1: What is financial literacy? - Answer-The ability to make good decisions about money and to use financial skills to manage credit, debt, and investments U1: What is a need? What is a want? - Answer--A need is something necessary for survival, like water, shelter, or food. -A want is ...

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  • October 12, 2024
  • 90
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • financial literacy final exam questions with cor
  • what is financial literacy answer the ability t

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Financial Literacy - Final Exam
Questions with Correct Answers
U1:
What is financial literacy? - Answer-The ability to make good decisions about money
and to use financial skills to manage credit, debt, and investments

U1:
What is a need?

What is a want? - Answer--A need is something necessary for survival, like water,
shelter, or food.

-A want is something that would be nice to have but is not needed for survival

U1:
What is value?

What is purchasing power?

Does purchasing power tend to increase or decrease over time?

Does the money you invest tend to increase or decrease(in value) over time? - Answer--
When you buy something that you want or need, you are making a decision about
value. In other words, you've decided something is important enough to you that it's
worth spending money on.

- The value of money is its purchasing power — what you can buy with it

- Purchasing power decreases over time due to changes in the economy

- Money that you invest usually increases in value over time.

U1:
What factors can influence your spending habits? - Answer-Main factors:
- age
- income

Factors that are harder to notice:
- Advertising
- Social Pressure

What are some questions you should ask before you make a purchase? - Answer-- Are
my expectations too high?

,- Am I overspending?
- Am I buying something I don't really want or need?
- Am I buying for the right reason?
- Am I purchasing on a whim?

U1:
What is the purpose of purchasing strategies?

What are the 3 purchasing strategies? In what situations can they be used? - Answer-a)
When you do need to make a purchase, there are lots of ways to make sure you don't
overspend. For bigger purchases, it is wise to plan ahead and research your options.

b)
1. Compare price per unit:
Products like shampoo and toothpaste come in a variety of sizes. Purchasing a larger
size can save you money in the long run because the price per unit is usually lower.
2. Look for sales and promotions: Buying products that are on sale can save you
money. For example, phone manufacturers and service providers often run promotions
that offer phones at a lower price. Search online for the best price.
3. Negotiate the price:
Purchasing a used car or any pre-owned item offers an opportunity to negotiate on
price. Often, the previous owner has a lower price in mind he or she might be willing to
accept, but only if you ask!

U1:
Why is it important to make informed decisions?

What are the steps you should take to determine on your own whether you should buy a
particular product? - Answer-a)
Sellers will try to convince you to buy a product by making claims about its quality and
what it can do. As a smart consumer, you shouldn't take sellers at their word.

b)
1. Read descriptions carefully
2. Read qualified reviews
3. Be wary of testimonials
4. Review warranties and return policies
5. Make purchases with confidence

U5:
What are the 6 factors to consider when choosing a career? - Answer-- Earnings
- Benefits
- Flexibility
- Location
- Expectations
- Job Satisfaction

,U5:
What is a trade school?

What are the advantages of attending trade schools? - Answer-a) A school providing
instruction on a specific skilled trade or vocation. Also called career schools, vocational
schools, or technical schools.

b)
- Going to a trade school can lead to many exciting career choices
- Most programs can be completed in as little as a year or two
- Trade schools give you hands-on training to prepare you

U5:
What is a career?

What should you consider as you choose your career path? - Answer-a)
An employment path within a profession or occupation

b)
- job benefits
- flexibility
- work-life balance(A healthy blend of time spent at work and time spent outside of
work)

U5:
What is a Professional career?

What are some examples of professional careers?

How will you be paid if you follow a professional career path?

What professionals tend to earn among the highest salaries on average? - Answer-a)
A professional career is usually defined as one that requires a college degree or
professional training

b)
Doctors, teachers, lawyers, architects, authors, and designers are all examples of
professionals in their field

c)
you will likely be paid an annual salary

d)
Professionals in STEM careers — science, technology, engineering, and math

, U5:
What is a tradesperson?

What is a trade?

What are the requirements to be a tradesperson?

How are tradespeople paid? - Answer-a)
A skilled worker who is qualified to work in an occupation that requires practical training.

b)
A profession involving specialized technical knowledge and competence in a practical
occupation.

c)
- Some type of vocational education(Training in a skill or trade intended to be pursued
as a career)
- OR time spent as an apprentice(A person who works for low or no wages for a period
of time in order to gain experience or skill in a chosen field or trade)

d)
Many tradespeople earn hourly wages, though some earn a salary

U5:
What is an entrepreneur?

What are the disadvantages of being an entrepreneur?

What are the advantages of being an entrepreneur?

What fields are entrepreneurs in? - Answer-a)
A person who takes on the risk of starting and running a business.

b)
- Entrepreneurs often work long hours
- They have to balance a degree of uncertainty about the success of their venture with
the possible rewards

c)
- Those who choose this path enjoy the sense of freedom and independence it can
provide
- When you are an entrepreneur, you don't have a boss, and your hours can be
somewhat flexible as a result.

d)
There are entrepreneurs in all fields — from aerospace to zoo keeping.

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