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Financial Literacy Vocabulary

Total questions: 45

Worksheet time: 56mins

Name
Class
Date
1.
Using a credit card allows you to...
a)
put money into a savings account.
b)
purchase something now and pay for it later.
c)
take money directly from your checking account.
2.
Before signing up for a credit card, you will want to find out...
a)
if there is an annual fee.
b)
what the interest rate is on purchases.
c)
what types of late fees could be charged.
d)
all of these are correct.
3.
A credit card company usually has a grace period for purchases. A grace period is...
a)
the time period after you make a purchase until the time the interest starts to get charged.
b)
the time period where interest builds on the amount you purchased.
4.
Overspending and accumulating too much debt can ruin your credit score
a)
True
b)
False
5.
Annual fee definition
a)
When you withdraw money from the ATM and it charges you $1.50.
b)
When a credit card company charges you a fee each YEAR
6.
Credit scores range from _____ to _____.
a)
350, 800
b)
300, 850
c)
400, 650
d)
400,800
7.
The percentage rate (APR) charged on purchases is called:
a)
annual fee
b)
interest
c)
balance
8.
Amount charged if your payment is received after the billing date
a)
late payment fee
b)
overdue fee
c)
withdrawal fee
d)
loser fee
9.

Your credit score is NOT configured off of which of the following:

a)

Payment history

b)

Amount owed

c)

GPA

d)

Length of credit history

10.
Money that you make is called...
a)
income
b)
variable expense
c)
propery taxes
d)
fixed expense
11.

What type of expense is a Car payment?

a)

Fixed

b)

Variable

12.

What type of expense is a new pair of shoes?

a)

variable

b)

fixed

13.
A detailed report of your credit history prepared by a credit bureau and used by a lender to determine creditworthiness is called a:
a)
Credit Report
b)
Credit Card
c)
Certificate of Creditworthiness
d)
Report Card
14.
Who has the better credit score?
a)
Monthly income: $1900
Credit Card Payment: $48
Credit Card Balance: 3857
Car Loan Payment: $218
Two late car loan payments
b)
Monthly Income: $3,300
Credit Care Balance: Pays Full Balance
Student Loan Payment: $100
15.
What is money borrowed that must be repaid, usually with interest?
a)
loan
b)
check
c)
checking account
d)
savings account
16.

The amount to be paid for an insurance policy.

a)

Assigned Risk pool

b)

Managed care health insurance

c)

Annual Deductible

d)

Premium

17.

The amount of money the policyholder must pay on a loss.

a)

Discount

b)

Bonus

c)

Deductible

d)

Premium

18.

Fixed percentage indicated in the particular conditions that the policyholder should pay directly before receiving medical and hospital services covered by the policy.

a)

Coverage

b)

Coinsurance

c)

Premium

d)

Copayment

19.
What is an example of cash advance? 
a)
Asking your siblings for money.
b)
Getting your paycheck early.
c)
Going to the ATM
d)
Going to the store and getting cash back from your credit card. 
20.
Annual Percentage Rate (APR) is the yearly percentage rate of the finance charge. 
a)
True
b)
False 
21.
What can you buy or get with a good credit score?
a)
House 
b)
Car
c)
Loan
d)
All of the above 
22.
Paying the minimum payment on a credit card every month will:
a)
Pay a large percentage of the total balance owed every month
b)
Make the final amount paid substantially higher than the amount initially charged to the card
c)
help the cardholder create a plan for paying of a credit card in a decent amount of time
d)
allow the cardholder to avoid paying any interest charges 
23.
What does APR stand for?
a)
Annual purchase rate
b)
Annual percentage rate
c)
Approximate payment rotation
d)
Authorization processing rate
24.
Having a high credit score will allow lenders to give you lower interest rates.
a)
True
b)
False
25.
Fee charged when a credit card holder does not make the minimum monthly payment by the due date.
a)
Late Payment Fee
b)
Introductory Rate
c)
Over-the-Limit Fee
d)
Annual Fee
26.
Fee charged if the credit card account balance goes over the set credit limit
a)
Over-the-Limit Fee
b)
Maintenance Fee
c)
Set-Up Fee
d)
Foreign Transaction Fee
27.
Fee charged if your monthly payment does not go through 
a)
Penalty Fee
b)
Returned Payment Fee
c)
Late Payment Fee
d)
Borrower
28.
The maximum amount you may borrow on a credit card is known as:
a)
creditworthiness
b)
credit report
c)
credit limit
d)
variable rate of credit
29.
Over time, people who pay off their credit card balance in full every month will pay less in interest on their credit card.
a)
true
b)
false
30.
A plan for future spending and savings, weighing estimated income against estimated expenses.
a)
Income
b)
Expense
c)
Budget
d)
None of these
31.

What is the Term used to secure a House toward purchase?

a)

Interest rate

b)

Down Payment

c)

Mortgage

d)

Percentage

32.

What is the name for a House Loan?

a)

Down Payment

b)

Interest Rate

c)

Mortgage

d)

Percentage

33.

•Cost Comparison definition

a)

•Comparing the cost of two or more goods or services in an effort to find the best value.

b)

•Analyzing whether the cost of an item is more than, equal to, or less than the benefit that comes from purchasing that item.

c)

The price paid for a good or service.

d)

An outcome that promotes well-being.

34.

•Budget

a)

•Identifying the cost of meeting future needs and goals.

b)

•A plan for future spending and saving, weighing estimated income against estimated expenses.

c)

Payment received for goods or     services,including employment.

d)

Cost paid to secure a good or service.

35.

•Budget

a)

•Identifying the cost of meeting future needs and goals.

b)

•A plan for future spending and saving, weighing estimated income against estimated expenses.

c)

Payment received for goods or     services,including employment.

d)

Cost paid to secure a good or service.

36.

Financing

a)

 Taking out a loan to buy something, in this case a car.

b)

 The initial amount paid for a car, the rest is paid off over time.

c)

 The percentage of the loan paid by the borrower, it is set as an annual rate.

d)

 The ability of a person to pay back a loan as determined by the loan officer. Past history of paying bills and having a current income is critical.

37.

Cost

a)

•Comparing the cost of two or more goods or services in an effort to find the best value.

b)

•Analyzing whether the cost of an item is more than, equal to, or less than the benefit that comes from purchasing that item.

c)

The price paid for a good or service.

d)

An outcome that promotes well-being.

38.

•Calculating Future Expenses

a)

•Identifying the cost of meeting future needs and goals.

b)

•A plan for future spending and saving, weighing estimated income against estimated expenses.

c)

Payment received for goods or     services,including employment.

d)

Cost paid to secure a good or service.

39.

Interest Rate-

a)

 Taking out a loan to buy something, in this case a car.

b)

 The initial amount paid for a car, the rest is paid off over time.

c)

 The percentage of the loan paid by the borrower, it is set as an annual rate.

d)

 The ability of a person to pay back a loan as determined by the loan officer. Past history of paying bills and having a current income is critical.

40.

Expense

a)

•Identifying the cost of meeting future needs and goals.

b)

•A plan for future spending and saving, weighing estimated income against estimated expenses.

c)

Payment received for goods or     services,including employment.

d)

Cost paid to secure a good or service.

41.

•Cost-Benefit Analysis

a)

•Comparing the cost of two or more goods or services in an effort to find the best value.

b)

•Analyzing whether the cost of an item is more than, equal to, or less than the benefit that comes from purchasing that item.

c)

The price paid for a good or service.

d)

An outcome that promotes well-being.

42.

Down Payment-

a)

 Taking out a loan to buy something, in this case a car.

b)

 The initial amount paid for a car, the rest is paid off over time.

c)

 The percentage of the loan paid by the borrower, it is set as an annual rate.

d)

 The ability of a person to pay back a loan as determined by the loan officer. Past history of paying bills and having a current income is critical.

43.

Income

a)

•Identifying the cost of meeting future needs and goals.

b)

•A plan for future spending and saving, weighing estimated income against estimated expenses.

c)

Payment received for goods or     services,including employment.

d)

Cost paid to secure a good or service.

44.

Credit Worthiness-

a)

 Taking out a loan to buy something, in this case a car.

b)

 The initial amount paid for a car, the rest is paid off over time.

c)

 The percentage of the loan paid by the borrower, it is set as an annual rate.

d)

 The ability of a person to pay back a loan as determined by the loan officer. Past history of paying bills and having a current income is critical.

45.

Benifit

a)

•Comparing the cost of two or more goods or services in an effort to find the best value.

b)

•Analyzing whether the cost of an item is more than, equal to, or less than the benefit that comes from purchasing that item.

c)

The price paid for a good or service.

d)

An outcome that promotes well-being.

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