Quiz about Financial Literacy Vocabulary

Question 1

The physical form of money, such as coins or paper money.

Accepted Answer

Cash

Answer

Balance

Answer

Budget

Answer

Copay

Question 2

Deciding how to spend your money before you actually spend it.

Accepted Answer

Budget

Answer

Account

Answer

Balance

Answer

Cash

Question 3

Obtaining something you want with the understanding you'll pay for it later.

Accepted Answer

Credit

Answer

Debit

Question 4

An amount removed from your bank account to pay for something.

Accepted Answer

Debit

Answer

Credit

Question 5

The amount you owe on a loan.

Accepted Answer

Debt

Answer

Loan

Answer

Borrower

Answer

Lender

Question 6

Anything that you spend money on.

Accepted Answer

expense

Answer

income

Answer

deposit

Answer

withdrawal

Question 7

Money earned through work.

Accepted Answer

income

Answer

withdrawal

Answer

expense

Answer

deposit

Question 8

A percentage charged when you borrow money. Can also be an amount earned for saving money in a savings account.

Accepted Answer

interest

Answer

net pay

Answer

pay stub

Answer

transfer

Question 9

True or False: Negative information stays on your credit report for 7-10 years.

Accepted Answer

True

Answer

False

Question 10

Scholarships and grants are available for many college students, and they...

Accepted Answer

don't have to be paid back

Answer

have deferred payment

Answer

give students a job to help pay

Answer

have a low interest rate

Question 11

What degree provides the highest earning potential in pay?

Accepted Answer

Master's Degree

Answer

High School  Diploma

Answer

Associate's Degree

Answer

Undergraduate Degree

Question 12

Many payment options are available to help with the cost of a college education. A payment option that allows you to work on campus at your college and earn money is called what type of payment option?

Accepted Answer

work-study program

Answer

scholarship

Answer

loan

Answer

pell grant

Question 13

Sally goes to the bank. She puts her babysitting money in her account. Sally has made a

Accepted Answer

Deposit

Answer

Withdrawal

Question 14

Katie goes to the bank. She takes money out of her account. Katie has made a

Accepted Answer

Withdrawal

Answer

Deposit

Question 15

You can be charged a late fee if the payment is not made within the due date.

Accepted Answer

Credit card

Answer

Debit card

Answer

both

Question 16

It requires a pin to withdraw cash from an ATM.

Accepted Answer

Debit Card

Answer

Credit Card

Answer

both

Question 17

a booklet used to help keep track of transactions

Accepted Answer

check register

Answer

debit card

Question 18

amount charged against your checking account as a service or a penalty

Accepted Answer

fee

Answer

flea

Question 19

the code that must be used with a debit card

Accepted Answer

Answer

007

Question 20

an account which allows you to use checks and debit cards

Accepted Answer

checking account

Answer

a paper bag

Question 21

any activity with money such as a deposit, a withdrawal, or a transfer

Accepted Answer

transaction

Answer

a puppy dog's tail

Question 22

withdrawing more money than is in the checking account

Accepted Answer

overdraft

Answer

What is that?

Question 23

Who is this?

Accepted Answer

Elsa

Answer

Mr. Kraybill

Answer

Mrs. Butler

Answer

Ms. Applegate

Question 24

Which of the following is an advantage of using a credit card?

Accepted Answer

Consumers can purchase things now, and pay for them later in the event of an emergency.

Answer

Interest is charged for the use of a credit card.

Answer

You could be a victim of identity theft.

Question 25

Which of the following is considered an advantage to using a debit card to make purchases?

Accepted Answer

All of the above.

Answer

Debit cards are convenient and easy to carry around.

Answer

Purchases can be made quickly and easily.

Answer

You can use many ATMs to get cash.

Question 26

What is a plan for how you spend your money?

Accepted Answer

budget

Answer

income

Answer

sales tax

Answer

deposits

Question 27

What is a loan?

Accepted Answer

Money you borrow but must also repay

Answer

A fee for maintaining or servicing your loan account

Answer

Something valuable that you own and can sell for cash

Answer

The cost of borrowing money

Question 28

Which of the following factors affects how much money you will accumulate in your savings account?

Accepted Answer

All of the above

Answer

How early you begin saving

Answer

The interest rate you get on your investments

Answer

How much money you set aside for savings/retirement

Question 29

ATM stands for

Accepted Answer

Automated Teller Machine

Answer

Automated Tax Machine

Answer

Automatic transaction Machine

Answer

A Teller Machine

Question 30

A big difference between credit and debit cards is

Accepted Answer

Credit is a loan while debit is your money

Answer

Credit can be used anywhere while debit cannot

Answer

Credit cards look different than debit cards

Answer

You must be 18 to have a credit card, but not a debit card

Question 31

A debit card charges interest

Accepted Answer

false

Answer

true

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