FutureSmart: Financial Literacy for Middle School - Glossary

What is the term for the following definition? 'A retirement account offered through an employer, where an employee can contribute money from his or her paycheck before or after taxes.'

• 401(k)

• Roth IRA

• Health Savings Account (HSA)

• Certificate of Deposit (CD)

What is the term for the following definition? 'A savings account that is specifically designed to help you and your family save for high education. The money in the account can only be used to pay for educational expenses, like tuition, room and board, and textbooks.'

• 529 College savings plan

• Roth IRA

• Health Savings Account (HSA)

• Certificate of Deposit (CD)

What is the term for the following definition? 'Interest rate charged by a credit card company on any outstanding credit card balance.'

• Annual percentage rate

• Minimum payment

• Credit limit

• Grace period

What is the term for the following definition? 'A type of degree that typically takes two years of fulltime study after high school and is dedicated training toward a specific career or skill.'

• Associate degree

• Bachelor's degree

• Doctorate degree

• Certificate program

What is the term for the following definition? '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.'

• ATM

• PIN

• CPU

• URL

What is the term for the following definition? 'The amount of money you are charged for using another bank’s ATM.'

• ATM fee

• Overdraft fee

• Monthly maintenance fee

• Minimum balance fee

What is the term for the following definition? 'A system that allows you to pay bills, like your cell phone bill, automatically from your checking account.'

• Auto pay

• Direct deposit

• Overdraft protection

• Wire transfer

What is the term for the following definition? 'A plan for spending or saving money that is made up of income and expenses.'

• Budget

• Receipt

• Invoice

• Loan

A type of insurance that covers any damage you may cause to another person or their vehicle. What is this called?

• Car insurance

• Health insurance

• Home insurance

• Travel insurance

A type of bank account in which interest is not usually applied to the principal but offers a safe place to store your money and allows you to make withdrawals using an ATM card, debit card or personal check. What is this called?

• Checking account

• Savings account

• Certificate of deposit

• Money market account