WorksheetsFinancial Literacy
Total questions: 20
Worksheet time: 11mins
What are taxes?
A fee received or paid for the use of money
Required payments to the government
A legal process that gives a debtor protection from creditors
Goods or services that people cannot survive without, such as water, food, shelter, and clothing
What is debit?
involves taking money directly from your bank account (spend what you have)
Required payments to the government
The possibility of financial loss or physical harm
What is interest?
Money that is spent on goods, services, and bills
A fee received or paid for the use of money
Money owed
Goods or services that people cannot survive without, such as water, food, shelter, and clothing
What is credit?
Money that is spent on goods, services, and bills
involves taking money directly from your bank account (spend what you have)
involves borrowing money from a lender to pay back later, creating a debt
A not-for-profit cooperative that offers bank services and is owned by its members
What is debt?
Money owed
Money that is spent on goods, services, and bills
A fee received or paid for the use of money
Required payments to the government
What are needs?
Required payments to the government
Goods or services that make people more comfortable or content but which are not necessary for survival
A fee received or paid for the use of money
Goods or services that people cannot survive without, such as water, food, shelter, and clothing
What are abilities?
Goods or services that people cannot survive without, such as food, water and shelter
A not-for-profit cooperative that offers bank services and is owned by its members
The things you do well
What motivates you to want to succeed in life
What is a budget used for?
Money received on a regular basis for work or through investments
Required payments to the government
Income remaining after all deductions have been taken
A record of income and spending and a plan for managing money
What does it mean to invest?
Money that is spent on goods, services, and bills
A legal process that gives a debtor protection from creditors
To commit money to gain a profit or earn interest
A grouping of jobs and industries related by skills or products
What are wants?
Money that is spent on goods, services, and bills
Goods or services that people cannot survive without, such as water, food, shelter, and clothing
A legal process that gives a debtor protection from creditors
Goods or services that make people more comfortable or content but which are not necessary for survival
What are savings?
Money received on a regular basis for work or through investments
A fee received or paid for the use of money
A fee received or paid for the use of money
An interest-bearing account where people put money for future use
What are expenditures?
Required payments to the government
Money that is spent on goods, services, and bills
Money owed
A legal process that gives a debtor protection from creditors
What is income?
A fee received or paid for the use of money
Money received on a regular basis for work or through investments
An interest-bearing account where people put money for future use
Required payments to a government
Which one is NOT a deduction on a pay stub?
Social Security
401 Retirement Fund
Sales Tax
Federal tax
What is gross income?
Income before deductions
Income after taxes
What is net pay?
Pay before deductions
Pay after deductions
The amount of money you will be paid
What does S.T.E.M. stand for?
Social, Technical, English and Math
Science, Technology, English and Math
Social, Technology, Engineering and Math
Science, Technology, Engineering and Math
What are three ways that you can save money for your future?
Loans
Bonds
Stocks
Mutual Funds
What does it mean to lease a car?
You borrow the car and return it as needed
Make monthly payments for a period of time to use the car, then return it when your contract is up.
You buy the car all at once, and you own it forever.
You make monthly payments and when the payments are done, you own it.
What does it mean to buy a car?
You make monthly payments on it and then keep it once it is paid off.
You make monthly payments on it and return it when your contract is up.
