Quiz about Financial Literacy Vocabulary

Question 1

What is the term for the amount of money that a financial institution allows a client to borrow?

Accepted Answer

Credit limit

Answer

Credit report

Answer

Debit card

Answer

Savings

Question 2

What is a scholarship?

Accepted Answer

Money to help a student pay for their education

Answer

A type of loan that must be repaid with interest

Answer

A fee charged for banking services

Answer

A document detailing financial history

Question 3

What does the term savings refer to?

Accepted Answer

Money placed in a bank account that is not intended to be spent immediately

Answer

Money borrowed from a bank

Answer

A report of one's credit history

Answer

A fixed charge for a service

Question 4

What is a flat rate?

Accepted Answer

A charge that is the same in all cases

Answer

A variable interest rate

Answer

A charge that varies depending on the amount of money borrowed

Answer

The cost of purchasing an item on credit

Question 5

What is a credit report?

Accepted Answer

A document that provides detailed information about all debts and financial history

Answer

A list of all the degrees a person has earned

Answer

A summary of a person's savings and checking accounts

Answer

A record of a person's credit card transactions

Question 6

What term represents all education that takes place after high school

Accepted Answer

post-secondary education

Answer

vocational training

Answer

high school diploma

Answer

associate's degree

Question 7

Training that emphasizes skills and knowledge required for a particular job function is called what?

Accepted Answer

vocational training

Answer

post-secondary education

Answer

work

Answer

drivers education

Question 8

What is awarded upon high school graduation?

Accepted Answer

high school diploma

Answer

a cap and gown

Answer

graduation party

Answer

blank piece of paper

Question 9

A degree granted after a two-year course of study is called an ....

Accepted Answer

associate's degree

Answer

high school diploma

Answer

college

Answer

junior college

Question 10

What is a degree that is given to a student by a college or university usually after four years of study?

Accepted Answer

bachelor's degree

Answer

diploma

Answer

certificate

Answer

trophy

Question 11

What is a degree that is given to a student by a college or university usually after one or two years of additional study following a bachelor's degree

Accepted Answer

Master's Degree

Answer

Black Belt

Answer

Diploma

Answer

Certificate of Study

Question 12

To acquire (something) by paying for it; buy it, is called

Accepted Answer

purchase

Answer

steal

Answer

borrow

Answer

withdraw

Question 13

What is interest?

Accepted Answer

money that is paid for borrowing someone else's money

Answer

when something appeals to you

Answer

a modern term for a tv show

Answer

maximum amount of money that you have

Question 14

What is a deposit?

Accepted Answer

a sum of money that is placed or kept in a bank account

Answer

a sum of money that is taken from a bank account

Answer

a sum of money that is given as a birthday gift

Answer

a sum of money that is borrowed

Question 15

What is the act of taking money out of an account called?

Accepted Answer

Withdrawal

Answer

Deposit

Answer

Transfer

Answer

Balance

Question 16

Moving money electronically or physically to a specified account or person from another specified account or person is called what?

Accepted Answer

Transfer

Answer

Balance

Answer

Deposit

Answer

Purchase

Question 17

The amount of money in a bank account

Accepted Answer

Balance

Answer

Withdrawal

Answer

Deposit

Answer

Transfer

Question 18

An electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, funds transfers, or account information inquiries, at any time and without the need for direct interaction with bank staff is called what?

Accepted Answer

ATM transaction

Answer

Bank Balance

Answer

Bank Teller

Answer

Safety Deposit Box

Question 19

An amount of money that is given to someone to be used for a specific purpose, such as education

Accepted Answer

Grant

Answer

Loan

Answer

Work-study

Answer

Scholarship

Question 20

Money or something that is borrowed and must be given back after a period of time

Accepted Answer

Loan

Answer

Grant

Answer

Work-study

Answer

Scholarship

Question 21

A part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses

Accepted Answer

Work-study

Answer

Grant

Answer

Loan

Answer

Scholarship

Question 22

A person who gives money to a business for goods or services

Accepted Answer

Consumer

Answer

Borrower

Answer

Loaner

Answer

Friend

Question 23

What is a creditor?

Accepted Answer

a person, bank or company to whom money is due.

Answer

a person who has good credit

Answer

a person who has a savings account

Answer

a person who is your friend

Question 24

What is the term for a plastic card given by a bank that allows consumers to buy things and the money is taken directly from their bank account?

Accepted Answer

Debit Card

Answer

Credit Card

Answer

Gift Card

Answer

Hallmark Card

Question 25

What is the term for a plastic card given by a store or bank that allows consumers to buy things now and pay the money back later?

Accepted Answer

Credit Card

Answer

Debit Card

Answer

Gift Card

Answer

Hallmark Card

Question 26

What is the term for nominal cost for a variety of account set-up and maintenance, and minor transactional services for retail and business customers, can be one time or occur at scheduled times?

Accepted Answer

Banking fees

Answer

Following fees

Answer

Building fees

Answer

Family fees

Financial Literacy Vocabulary

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