Financial Literacy Quiz

What is the definition of available balance?

• The amount available in an account for a person, business, or organization to spend

• The total amount of personal income prior to taxes and deductions

• The income that remains after taxes and other deductions are taken from an individual's gross income

• The amount of money collected from the property owner based on the value of a property for the local government

What does it mean to balance a budget?

• To reconcile your budget to ensure the amount of income and expenditures are equivalent. Income equals Expenses

• A monthly or yearly spending and savings plan for an individual, family, business, or organization

• A written document telling the financial institution to pay a specific amount of money from your account to a specific person or organization

• Payments using security features on the Internet

What is the definition of a budget?

• The amount available in an account for a person, business, or organization to spend

• To reconcile your budget to ensure the amount of income and expenditures are equivalent

• A monthly or yearly spending and savings plan for an individual, family, business, or organization

• A written document telling the financial institution to pay a specific amount of money from your account to a specific person or organization

What is a check?

• The amount available in an account for a person, business, or organization to spend

• A monthly or yearly spending and savings plan for an individual, family, business, or organization

• A written document telling the financial institution to pay a specific amount of money from your account to a specific person or organization

• A card that can be used to borrow money from financial institutions, stores, or other businesses in order to buy products and services on credit

What is a credit card?

• The amount available in an account for a person, business, or organization to spend

• A card that can be used to borrow money from financial institutions, stores, or other businesses in order to buy products and services on credit

• A bank card issued by a financial institution that is electronically linked to an individual's checking account for the purpose of making banking transactions, making payments for services, and/or making purchases

• Payments using security features on the Internet

What is a debit card?

• The amount available in an account for a person, business, or organization to spend

• A card that can be used to borrow money from financial institutions, stores, or other businesses in order to buy products and services on credit

• A bank card issued by a financial institution that is electronically linked to an individual's checking account for the purpose of making banking transactions, making payments for services, and/or making purchases

• Payments using security features on the Internet

What is an electronic payment (e-payment)?

• The amount available in an account for a person, business, or organization to spend

• A monthly or yearly spending and savings plan for an individual, family, business, or organization

• Payments using security features on the Internet

• A written document telling the financial institution to pay a specific amount of money from your account to a specific person or organization

What is an expense?

• The amount available in an account for a person, business, or organization to spend

• A monthly or yearly spending and savings plan for an individual, family, business, or organization

• Payment for goods and services. Money going out

• A written document telling the financial institution to pay a specific amount of money from your account to a specific person or organization

What are financial records?

• The total amount of personal income prior to taxes and deductions

• A formal record of the transactions made by a person, business, or other organization

• The income that remains after taxes and other deductions are taken from an individual's gross income

• Money earned or received

What is gross income?

• The total amount of personal income before taxes and deductions

• A monthly or yearly spending and savings plan for an individual, family, business, or organization

• The income that remains after taxes and other deductions are taken from an individual's gross income

• Money earned or received