What is a savings plan ?

a plan to set money aside for future use

What does a bank do for you?

Keep your money safe while allowing you access to it

Charge you interest on the money they keep for you

Give you money when you ask politely

A bank can charge a fee for

withdrawing money in certain ways

filing loan papers for a mortgage

Being on a budget means:

You made a plan of your expenses to be less than or equal to your income

You pay bills every month at the due date

You are earning enough money to be able to live well

Your bills are generally paid by every due date

The amount owed for borrowing money

A charge for lending money to a bank

the amount added into your savings when opening a bank account

a charge for the convenience of accessing money stored in your bank account

What does APR (annual percentage rate) mean?

The interest that would be charged on a sum borrowed over one full year; used to measure the interest rate on loans, mortgages and credit cards; the calculation includes the fees that lenders charge automatically on the product, so that it gives a clear picture of the cost.

The interest rate that would be paid on a savings account if you were to leave the money in the account for a full year.

One of the main measures of inflation, calculated monthly by measuring the average cost of a ‘basket’ of goods less major household expenditure, such as mortgages and council tax.

The interest that would be charged on an overdraft if you were to borrow the money for a full year.

A key difference between saving and investing is

Saving is for emergencies & goals, investing is for long-term wealth

Saving is for everyone, investing is for the wealthy

Your money is insured when investing, it is not in savings

Investing has a guaranteed return, savings does not

Interest and fees is the way...

Credit Card Companies make their money

When you write a check from your checking account this is a:

Debit subtracted from your balance

Credit subtracted from your balance.

Katie wants to purchase a camera that costs $149.99. She has $435.00 in her checking account. Which statement is true if Katie uses a debit card to pay for the membership?

She will not have to pay a fee because she has enough money in her account.

She will have to pay interest on the amount she borrows.

She will have to pay a penalty fee because she does not have enough money in her account.

She will have to make payments on the amount she borrows.

What is a similarity between debit and credit cards?

Both are small and made of plastic.

Both require you to use a PIN #

Both are paid when the bill arrives.

Both charge interest fees on unpaid balances.

Financial Literacy Vocabulary

Quiz

•

Mathematics

•

8th Grade

•

Practice Problem

•

Medium

•

CCSS

RI.9-10.4, L.11-12.4C, L.7.6

+24

Standards-aligned

Used 27+ times

FREE Resource

40 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Amanda has to pay taxes on her annual salary and investments. Which type of tax is Kimberly paying?

Sales Tax

Property Tax

Payroll Tac

Income Tax

Tags

CCSS.L.7.6

CCSS.L.8.6

CCSS.L.9-10.6

CCSS.W.7.2D

CCSS.W.8.2D

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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

Interest is charged for the use of a credit card.

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

You could be a victim of identity theft.

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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

Debit cards are convenient and easy to carry around.

Purchases can be made quickly and easily.

You can use many ATMs to get cash.

All of the above.

Tags

CCSS.RI.6.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The money earned for working and money received for the sale of goods or property is _________.

credit

demand

income

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Charitable giving is...

purchasing goods and services to satisfy wants and needs

donating to an organization that collects money, goods, or services to groups in need

abilities that people use (such as their creativity or social skills) to produce something and make moeny

Tags

CCSS.L.7.6

CCSS.L.8.6

CCSS.W.7.2D

CCSS.W.8.2D

CCSS.W.9-10.2D

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Credit is...

how much people want a certain good or service.

buying or obtaining goods or services now with an agreement to pay in the future.

setting aside money earned or received for future use.

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

"Money paid for borrowing money or making purchases on credit" is _________.

income

scarcity

interest paid

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

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Financial Literacy Vocabulary

40 questions

Amanda has to pay taxes on her annual salary and investments. Which type of tax is Kimberly paying?

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

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

The money earned for working and money received for the sale of goods or property is _________.

Charitable giving is...

Credit is...

"Money paid for borrowing money or making purchases on credit" is _________.

What is a savings plan?

"Setting aside money earned or received for future use" is _________.

What does a bank do for you?

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