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WorksheetsStudy Guide- Finance Park Vocab Quiz
Total questions: 20
Worksheet time: 7mins
Select the correct definition of the term income
A portion of one’s personal income paid to the government
Money received on a regular basis for work or through investments.
Money owed
Money that is spent on goods, services, and bills
Select the correct definition of the term taxes
Money owed
The smallest amount that can be paid to meet loan requirements
Required payments to a government
A fee received or paid for the use of money
Select the correct definition of the term interest
Money received on a regular basis for work or through investments
The things you do well
A collection of stocks or bonds of various corporations
A fee received or paid for the use of money
Select the correct definition of the term invest
To commit money to gain a profit or earn interest
A fee received or paid for the use of money
Money owed
The smallest amount that can be paid to meet loan requirements
Select the correct definition of the term Pay Yourself First (PYF)
Money that is spent on goods, services, and bills
To commit money to gain a profit or earn interest
Money received on a regular basis for work or through investments
To automatically save a specified amount from a paycheck for future use
Select the correct definition of the term risk
Money owed
The possibility of financial loss or physical harm
Goods or services that people cannot survive without
The amount paid for an insurance policy
Select the correct definition of the term insurance policy
The possibility of financial loss or physical harm
The amount of money originally invested
A contract that protects a person against financial loss or damage
Money that is spent on goods, services, and bills
Select the correct definition of the term bank
A share of a corporation sold to the public
A not-for-profit cooperative that offers bank services and is owned by its members
A for-profit institution that offers personal loans, mortgages, and other services
A record of income and spending and a plan for managing money
Select the correct definition of the term credit union
A web-only bank
A not-for-profit cooperative that offers bank services and is owned by its members
A for-profit institution that offers personal loans, mortgages, and other services
A collection of stocks or bonds of various corporations
Select the correct definition of the term financial institution
A business that provides money-related services
Making a purchase based on an immediate want or due to the pressure of advertising
Money owed
The cost of credit— the fees and interest charged to finance the unpaid balance
Select the correct definition of the term debit card
Money that is spent on goods, services, and bills
A card authorizing the holder to buy goods and services that can be paid for later
The maximum a cardholder can borrow
A card that looks like a credit card but operates like cash; money is immediately subtracted from the cardholder’s bank account when a purchase is made
Select the correct definition of the term credit card
Money that is spent on goods, services, and bills
A card authorizing the holder to buy goods and services that can be paid for later
The maximum a cardholder can borrow
A card that looks like a credit card but operates like cash; money is immediately subtracted from the cardholder’s bank account when a purchase is made
Select the correct definition of the term debt
Money owed
A for-profit institution that offers personal loans, mortgages, and other services
Goods or services that people cannot survive without
A fee received or paid for the use of money
Select the correct definition of the term credit score
A share of a corporation sold to the public
The cost of credit— the fees and interest charged to finance the unpaid balance
A standardized measurement of the potential to repay a debt
A card authorizing the holder to buy goods and services that can be paid for later
What do taxes pay for?
Public services
Supporting the government
Public schools
All of the above
Which of the following is NOT an example of a tax you must pay to the government?
Income tax
Sales tax
Property tax
Insurance tax
An advantage of credit cards is…
Buy now, pay now!
No interest charges
Buy now, pay later!
Late fees may be charged
A disadvantage of credit cards is…
Use for online purchases
Don’t have to have the cash in your account to make purchases
Not a way to build credit
Interest charged on unpaid balances
An advantage of debit cards is…
Buy now, pay now!
Helps build credit
Buy now, pay later!
Don’t have to have the cash in your account to make purchases
A disadvantage of debit cards is…
Interest charged on unpaid balances
Not a way to build credit
Use for online purchases
Money is instantly withdrawn from your account
