Financial Literacy for Teens

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10 points

Nearly 40% of millionaires choose to ________.

lease cars

use public transportation

buy used cars rather than new ones

buy new economic cars over luxury cars

0 points

I will follow the FINAL INSTRUCTIONS at the end of this test to get credit for reading this book.

Yes

10 points

According to the author what are the tax buckets that your income goes into?

Income, capital gains, Social Security, and sales

Income, Social Security, Medicare, and state

Social Security, state, pork fund, and sales

Property, sales, capital gains, and luxury

10 points

According to the author, what are the four ways to manage money?

Spend it, save it, inest it, and lose it

Spend it, give it, manage it, and save it

Spend it, save it, invest it, and give it away

Spend it, save it, lose it, and give it away

10 points

40% of all bankruptcies are due to __________.

Student loans

Medical bills

Back taxes

Divorce

10 points

The money you make while at work is your ________.

Unearned income

Disposable income

Earned income

Tax free income

10 points

The author says giving always feels good, it helps others, and ________.

It stimulates the economy

It creates tax saving opportunities

It prevents audits from the IRS

It is the right thing to do

10 points

The author states that almost everyone _____________.

Wants to be rich

Will save a million dollars or more in their retirement fund

Wants to rule the world

Will make over a million dollars in their lifetime

10 points

According to the author, Chad, an average career last _______.

57 years

186,000 hours

15 years

86,000 hours

10.

10 points

According to the author, most lottery winners spend their money and are broke within _________.

5 years

10 years

7 years

1 year

11.

10 points

Budgets are for ________.

Everyone

The Affluent

Most people

Combined household incomes of $50,000 or more

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