Financial Literacy Vocabulary Quiz

What are some resources or tools that can assist in budgeting?

• credit cards, loans, and mortgages

• shopping apps and online retailers

• budgeting apps, spreadsheets, online budgeting tools, financial planning software, and budgeting templates

• gambling and lottery websites

a retirement account offered through an employer, where an employee can contribute money from his or her paycheck before or after taxes.

• Stock
• 401(k)
• IRA
• Mortgage

interest rate charged by a credit card company on any outstanding credit card balance

• Stock
• Annual Percentage Rate (APR)
• Income Tax
• Salary

an abbreviation that stands for Automated Teller Machine. An ATM is a machine that allows you to make electronic deposits and withdrawals from your bank accounts.

• FAFSA
• IRA
• ATM
• 401(k)

a plan for spending or saving money that is made up of income and expenses

• Income
• Expenses
• Budget
• Supply

A payment type where you borrow money. The balance that is not paid off at the end of the month is charged interest.

• Profit
• Revenue
• Credit Card
• Deposit

the total amount of money you can charge to your credit card

• Opportunity Cost
• Credit Card
• Interest
• Credit Limit

a three-digit numerical rating of how likely you are to pay off your debts

• Credit Score
• Supply
• Want
• Budget

when money is added into a bank account, also know as a "credit"

• Sales Tax
• Income
• Deposit
• Want

spending that you have complete control over because it is not necessary spending

• Need
• Budget
• Discretionary Expense
• Unit Rate