Study Guide- Finance Park Vocab Quiz

Select the correct definition of the term income

• A portion of one’s personal income paid to the government

• Money received on a regular basis for work or through investments.

• Money owed

• Money that is spent on goods, services, and bills

Select the correct definition of the term taxes

• Money owed

• The smallest amount that can be paid to meet loan requirements

• Required payments to a government

• A fee received or paid for the use of money

Select the correct definition of the term interest

• Money received on a regular basis for work or through investments

• The things you do well

• A collection of stocks or bonds of various corporations

• A fee received or paid for the use of money

Select the correct definition of the term invest

• To commit money to gain a profit or earn interest

• A fee received or paid for the use of money

• Money owed

• The smallest amount that can be paid to meet loan requirements

Select the correct definition of the term Pay Yourself First (PYF)

• Money that is spent on goods, services, and bills

• To commit money to gain a profit or earn interest

• Money received on a regular basis for work or through investments

• To automatically save a specified amount from a paycheck for future use

Select the correct definition of the term risk

• Money owed

• The possibility of financial loss or physical harm

• Goods or services that people cannot survive without

• The amount paid for an insurance policy

Select the correct definition of the term insurance policy

• The possibility of financial loss or physical harm

• The amount of money originally invested

• A contract that protects a person against financial loss or damage

• Money that is spent on goods, services, and bills

Select the correct definition of the term bank

• A share of a corporation sold to the public

• A not-for-profit cooperative that offers bank services and is owned by its members

• A for-profit institution that offers personal loans, mortgages, and other services

• A record of income and spending and a plan for managing money

Select the correct definition of the term credit union

• A web-only bank

• A not-for-profit cooperative that offers bank services and is owned by its members

• A for-profit institution that offers personal loans, mortgages, and other services

• A collection of stocks or bonds of various corporations

Select the correct definition of the term financial institution

• A business that provides money-related services

• Making a purchase based on an immediate want or due to the pressure of advertising

• Money owed

• The cost of credit— the fees and interest charged to finance the unpaid balance