Vocabulary Unit 1 Lesson 1 Quiz

Financial Literacy

• Knowing how money works, including earning, spending, saving, and following money rules/laws.

• Planning how to use your money for needs, wants, and savings.

• A government agency that insures bank deposits up to $250,000 per depositor.

• Money set aside for later instead of spending it now.

Budgeting

• Planning how to use your money for needs, wants, and savings.

• The total amount you earn before deductions.

• A law that protects the accuracy, fairness, and privacy of your credit information.

• An amount subtracted from gross pay, such as taxes or insurance.

Saving

• Money set aside for later instead of spending it now.

• The total amount you earn before deductions.

• A group of laws that protect buyers from unfair business practices and unsafe products.

• A law that requires lenders to clearly explain the cost of borrowing money.

Federal Deposit Insurance Corporation (FDIC)

• A government agency that insures bank deposits up to $250,000 per depositor.

• A law that protects the accuracy, fairness, and privacy of your credit information.

• An amount subtracted from gross pay, such as taxes or insurance.

• The money you take home after all deductions.

Truth in Lending Act (TILA)

• A law that requires lenders to clearly explain the cost of borrowing money.

• A group of laws that protect buyers from unfair business practices and unsafe products.

• Planning how to use your money for needs, wants, and savings.

• Knowing how money works, including earning, spending, saving, and following money rules/laws.

Fair Credit Reporting Act (FCRA)

• Protect the accuracy, fairness, and privacy of your credit information.

• Insure bank deposits up to $250,000 per depositor.

• Require lenders to clearly explain the cost of borrowing money.

• Subtract amounts from gross pay, such as taxes or insurance.

Consumer Protection Laws

• Protect buyers from unfair business practices and unsafe products.

• Insure bank deposits up to $250,000 per depositor.

• Require lenders to clearly explain the cost of borrowing money.

• Protect the accuracy, fairness, and privacy of your credit information.

Gross Pay

• The total amount you earn before deductions.

• The money you take home after all deductions.

• An amount subtracted from gross pay, such as taxes or insurance.

• Money set aside for later instead of spending it now.

Net Pay

• The money you take home after all deductions.

• The total amount you earn before deductions.

• An amount subtracted from gross pay, such as taxes or insurance.

• Money set aside for later instead of spending it now.

Deductions

• An amount subtracted from gross pay, such as taxes or insurance.

• The total amount you earn before deductions.

• The money you take home after all deductions.

• Money set aside for later instead of spending it now.