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Worksheets1st Financial Math Voc TEST
Total questions: 50
Worksheet time: 25mins
What is the amount of money you have in your bank account called?
Balance
Interest
Deposit
Loan
What is a bank product that earns interest on a lump-sum deposit that's untouched for a predetermined period of time called?
Certificate Of Deposit (CD)
Savings Account
Checking Account
Money Market Account
What is a written, dated, and signed order to the bank that tells it to pay a definite sum of money to a payee called?
Check
Invoice
Receipt
Voucher
What is the process of reinvesting earned interest back into the principal, so that interest is calculated on both the initial amount and the accumulated interest called?
Compound Interest
Simple Interest
Fixed Deposit
Annual Yield
What is the term for the following definition? A card that is directly connected to your checking account; it enables you to conduct ATM transactions and to make purchases instead of using cash or writing a check.
Debit Card
Credit Card
Gift Card
Prepaid Card
What is the term for the following definition? An automatic electronic deposit of net pay to an employee's designated bank account.
Direct Deposit
Wire Transfer
Payroll Check
Cash Payment
What is the term for the following definition? To sign the back of a check made out to you so it can be cashed or deposited.
Endorse
Void
Balance
Reconcile
What is the term for the following definition? The rate at which the price of goods increases and consumer purchasing power decreases over time.
Inflation
Deflation
Stagnation
Depreciation
What is the term for the following definition? A fee paid to you for keeping your money in an account OR a fee charged to you for a loan or credit card.
Interest
Deposit
Dividend
Principal
A check that has been written but has not yet been cashed or deposited by the payee is called an ___________.
Outstanding Check
Cancelled Check
Certified Check
Postdated Check
A deposit that has been made but not yet added to the person's bank account is called an ___________.
Outstanding Deposit
Cleared Check
Bank Statement
Canceled Check
A loan banks offer to their customers when they try to withdraw more funds than they have in their account, usually for a fee and with interest, is called ___________.
Overdraft Coverage
Fixed Deposit
Mortgage Loan
Credit Card Advance
An individual retirement account that allows a person to set aside after-tax income up to a specified amount each year is called a ___________.
Roth IRA
Traditional IRA
401(k)
SEP IRA
Interest paid on the principal alone is called ___________.
Simple Interest
Compound Interest
Annual Yield
Accrued Interest
Fill in the blank: A check with 'VOID' written across it so that it can no longer be used is called a _________
Voided check
Blank check
Certified check
Bearer check
Fill in the blank: A type of loan where you borrow money from your retirement savings account, and must pay it back with interest within 5 years, is called a _________?
401(k) Loan
Personal Loan
Auto Loan
Home Equity Loan
Fill in the blank: The cost you pay each year to borrow money, including fees, expressed as a percentage, is called the _________.
Annual Percentage Rate (APR)
Principal Balance
Credit Limit
Minimum Payment
Fill in the blank: A credit card service that allows cardholders to withdraw a certain amount of cash, either through an ATM or directly from a bank, typically at a high interest rate or for a fee, is called a _________.
Cash Advance
Balance Transfer
Credit Limit Increase
Reward Redemption
What is the term for the following definition? Someone who legally agrees to take responsibility for a person's debt if they cannot repay it.
Cosigner
Beneficiary
Lender
Debtor
What is the term for the following definition? A partial payment made in cash at the beginning of the purchase of a good or service, while the remaining balance is due later or is financed as part of a loan.
Down Payment
Installment
Interest
Deposit
What is the term for the following definition? A loan with an interest rate that does not change over the life of the loan.
Fixed-Rate Loan
Adjustable-Rate Loan
Balloon Loan
Interest-Only Loan
Fill in the blank: __________ is a bank or credit account that is shared between two or more people which allows everyone named on the account to access the funds.
Joint Account
Savings Account
Fixed Deposit
Current Account
Fill in the blank: __________ is the smallest amount of a credit card bill that a credit card holder must pay during a billing cycle to remain in good standing with the lender.
Minimum Payment
Credit Limit
Annual Fee
Outstanding Balance
Fill in the blank: __________ is debt tied to a specific tangible asset that can be used as collateral and repossessed if payments are not made.
Secured Debt
Unsecured Debt
Revolving Credit
Convertible Debt
A plan of your expected income and how you will use it to meet your expected expenses over a period of time is called _______.
Budget
Invoice
Receipt
Loan
A budgeting method where money for monthly spending is taken out in cash and placed in labeled envelopes according to budget categories. Spending occurs only from the corresponding envelopes. This method is called _______.
Cash Envelope Budget
Zero-Based Budgeting
50/30/20 Rule
Digital Wallet Budget
The amount of money needed to sustain a certain level of living, including basic expenses such as housing, food, taxes, and healthcare; often used when comparing how expensive it is to live in one city versus another is called _______.
Cost of Living
Disposable Income
Gross Domestic Product
Net Worth
Income that remains the same from week to week or month to month is called _______.
Fixed Income
Variable Income
Disposable Income
Gross Income
Total earnings before any deductions are taken is called _______.
Gross Pay
Net Pay
Taxable Income
Disposable Income
What is the term for the following definition? A fixed amount that you are paid over a period of time, regardless of how many hours you work.
Salary
Wage
Commission
Bonus
What is the term for the following definition? When your income exceeds your expenses and you have money leftover.
Surplus
Deficit
Debt
Liability
Fill in the blank: A ________ is a cost that appears irregularly or that changes in amount (e.g., utility bills).
Variable Expense
Fixed Expense
Capital Expense
Sunk Cost
Fill in the blank: ________ is the process of dividing an investment portfolio among different asset categories, such as stocks, bonds, and cash.
Asset Allocation
Market Timing
Stock Picking
Risk Hedging
Fill in the blank: ________ is a market in which prices are falling, encouraging selling.
Bear Market
Bull Market
Stagnant Market
Growth Market
Fill in the blank: ________ is an account that lets individual investors trade stocks, bonds, mutual funds, and other investments.
Brokerage Account
Savings Account
Checking Account
Retirement Account
Fill in the blank: ________ is a market in which there is increased stock trading and rising stock prices.
Bull Market
Bear Market
Stagnant Market
Recession Market
Fill in the blank: ________ is an investing tool for individuals to earmark funds specifically for their retirement.
Individual Retirement Account (IRA)
Certificate of Deposit (CD)
Savings Bond
Checking Account
Fill in the blank: ________ is the process of setting money aside to increase wealth over time for long-term financial goals such as retirement.
Investing
Spending
Borrowing
Gambling
What is the second largest stock exchange in the world behind the NYSE?
Nasdaq
London Stock Exchange
Shanghai Stock Exchange
Tokyo Stock Exchange
What is the world's largest stock exchange, physically located in New York City?
New York Stock Exchange (NYSE)
London Stock Exchange (LSE)
Tokyo Stock Exchange (TSE)
Shanghai Stock Exchange (SSE)
An individual retirement account that allows a person to set aside pre-tax income up to a specified amount each year is called a _________.
Traditional IRA
Roth IRA
401(k)
Health Savings Account
Fill in the blank: The standard Internal Revenue Service (IRS) form that individuals can use to file their annual income tax returns is called the ________.
1040
W-2
1099
4868
Fill in the blank: The form used by an employer to verify an employee’s identity and to establish that the worker is eligible to accept employment in the United States is called the ________.
I-9
W-2
1040
1099
Fill in the blank: Taxes paid by employees to federal and state government through a direct deduction from their paycheck are called ________.
Income Tax
Sales Tax
Property Tax
Excise Tax
What is the term for the following definition? A range of income amounts that are taxed at a particular rate.
Tax Bracket
Tax Deduction
Tax Refund
Tax Credit
What is the term for the following definition? A form completed by an employee to indicate his or her tax situation (exemptions, marital status, etc.) to the employer, who then withholds the corresponding amount of taxes from each paycheck.
W-4
1099-MISC
W-2
I-9
What is the term for the following definition? The portion of an employee's wages that is not included in their paycheck because it goes directly to federal, state and local taxes.
Withholding
Gross Pay
Net Pay
Bonus
Fill in the blank: Auto insurance that protects you against costs to repair or replace your vehicle after events out of your control such as weather, vandalism, theft, etc. is called _______.
Comprehensive Coverage
Liability Coverage
Collision Coverage
Personal Injury Protection
What does FSA stand for? Fill in the blank: FSA stands for _________.
Flexible Spending Account
Federal Student Aid
Financial Services Authority
Food Standards Agency
What does HSA stand for? Fill in the blank: HSA stands for _________.
Health Savings Account
Home Savings Account
Health Spending Arrangement
Hospital Services Agreement
