Financial Literacy Quiz

A financial trade-off – these are things you gave up the opportunity to buy when you chose to pay the cost for something else.

• Income

• Savings

• Opportunity cost

• Loans

Earning some amount of money through work or other means.

• Passive income

• Earned income

• Web-only financial institutions

• 401k

This is the money we receive as a result of our personal efforts, labor, or goods.

• Shared decision-making

• Financial services

• Income

• Earned income

This is earned when we invest money around stocks, bonds, or even savings accounts; we earn dividends and interest on those investments.

• Stocks

• Investment income

• Federal Deposit Insurance Corporation (FDIC)

• Bonds

This is money individuals receive from business activities they are not actively part of.

• Credit unions

• Passive income

• Life insurance companies

• Mutual fund companies

Many families benefit from this type of consideration, which involves sharing financial decisions with two or more people who can help you negotiate and compromise.

• Shared decision-making

• Nondepository institutions

• Check cashing businesses

• 401k

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.7.1

CCSS.RL.8.1

CCSS.RL.9-10.2

Financial institutions that receive their money from customer deposits.

• Commercial banks

• Brokerage firms

• Payment Services

• Depository institutions

Financial institutions that receive their money from other sources than consumer deposits.

• Credit unions

• Nondepository institutions

• Pawnshops

• Financial services

An insurance agency supported by the nation's government.

• Web-only financial institutions

• Federal Deposit Insurance Corporation (FDIC)

• Savings and loans institutions

• Check cashing businesses

The most well-known depository institution: funded through deposits into checking and savings accounts, and they provide services like mortgages, personal loans, and bank-issued credit cards.

• Life insurance companies

• Commercial banks

• Mutual savings institutions

• Financial services