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EVERFI: Financial Literacy® for High School Terms

Total questions: 60

Worksheet time: 30mins

Name
Class
Date
1.

What is the definition of the 50-30-20 Method?

a)

A type of insurance purchased by vehicle owners

b)

A budgeting method that allows an individual to spend 50 percent on needs, 30 percent on wants, and 20 percent on savings.

c)

A plan for income and expenses during a set period.

d)

An account into which a sum of money is deposited for a specified length of time.

2.

Which term matches the following definition? 'A type of insurance purchased by vehicle owners to protect them against financial loss in the event of an accident or theft.'

a)

Auto insurance

b)

Bank

c)

Budget

d)

Check

3.

A for-profit financial institution that is federally licensed to receive deposits and issue loans is called a ________.

a)

Bank

b)

Credit Union

c)

Insurance Company

d)

Brokerage Firm

4.

Any perk offered to an employee in addition to a salary is known as:

a)

Budget

b)

Benefits

c)

Cash

d)

Career

5.

A type of insurance that helps pay for someone else's emergency services and medical care if the person causes a car accident is called ________.

a)

Bodily injury liability

b)

Collision coverage

c)

Comprehensive insurance

d)

Personal injury protection

6.

A plan for income and expenses during a set period is called a ________.

a)

Budget

b)

Invoice

c)

Receipt

d)

Contract

7.

An account into which a sum of money is deposited for a specified length of time, typically paying higher interest rates than standard savings and checking accounts, is called a ________.

a)

Certificate Of Deposit (CD)

b)

Money Market Account

c)

Savings Bond

d)

Checking Account

8.

A written, dated, and signed draft that directs a bank to pay a specific sum of money to a person or company is called a ________.

a)

Check

b)

Invoice

c)

Receipt

d)

Voucher

9.

An account at a financial institution into which money is deposited and from which checks can be written for purchases or services; may be used to receive wages and pay bills is called a __________.

a)

Checking Account

b)

Savings Bond

c)

Credit Card

d)

Certificate of Deposit

10.

_________ is something you pledge to a lender if you fail to make payments.

a)

Collateral

b)

Dividend

c)

Invoice

d)

Deposit

11.

An auto insurance coverage that helps repair or replace the insured person's car if it's damaged in a collision with another vehicle or object is called _____________.

a)

Collision insurance

b)

Comprehensive insurance

c)

Liability insurance

d)

Personal injury protection

12.

____________ is a type of undergraduate higher education institution, generally leading to an associate degree, certificate, or diploma.

a)

Community college

b)

High school

c)

Trade union

d)

Research institute

13.

An optional auto insurance coverage that protects against damage to a vehicle that was not caused by a collision is called ___________.

a)

Comprehensive insurance

b)

Liability insurance

c)

Collision insurance

d)

Personal injury protection

14.

An amount of money paid by an insured person toward the cost of medical treatment or health services is known as ____________.

a)

Copay

b)

Premium

c)

Deductible

d)

Out-of-pocket maximum

15.

A card issued by a financial institution that lends money to be used for in-person and online purchases. All ________ purchases must be paid back. Interest rates are charged for balances that are not paid off during a single month billing cycle.

a)

Credit Card

b)

Debit Card

c)

Gift Card

d)

Prepaid Card

16.

_________ is information about how you've handled your credit accounts in the past.

a)

Credit history

b)

Credit limit

c)

Credit score

d)

Credit inquiry

17.

_________ is an amount of money that lenders make available to you, that you can use over time or all at once.

a)

Credit limit

b)

Interest rate

c)

Minimum payment

d)

Annual fee

18.

A ________ is a prediction of your credit behavior, such as how likely you are to pay a loan back on time, based on information from your credit reports.

a)

Credit score

b)

Interest rate

c)

Loan amount

d)

Payment schedule

19.

A not-for-profit financial institution that is member owned and operated and is licensed to receive deposits and issue loans is known as _________.

a)

Credit Union

b)

Commercial Bank

c)

Investment Firm

d)

Payday Lender

20.

An automated teller machine (ATM) card that can be used to pay for goods at stores or businesses, online, and at ATMs; a ________ draws the money from a checking account, in contrast to a credit card that borrows money and has to be paid back.

a)

Debit Card

b)

Credit Card

c)

Gift Card

d)

Prepaid Card

21.

The amount of money you owe to a lender you've borrowed from is called _________.

a)

Debt

b)

Asset

c)

Income

d)

Deposit

22.

A specific amount of money that an insured person must pay before an insurance company will pay a claim is called __________.

a)

Deductibles

b)

Premiums

c)

Copayments

d)

Coverage

23.

A ______ is when money is added to an account.

a)

Deposit

b)

Withdrawal

c)

Interest

d)

Loan

24.

What do you call an automatic deposit to your account made by your employer or an outside agency (e.g., a pension or government benefit payment)? These are usually recurring and can be used instead of depositing a paper check.

a)

Direct Deposit

b)

Wire Transfer

c)

Overdraft

d)

Certified Check

25.

What type of insurance offers protection for lost wages when the insured person gets sick, injured, or cannot work?

a)

Disability insurance

b)

Life insurance

c)

Auto insurance

d)

Homeowners insurance

26.

What do you call an initial payment made when something is bought using credit?

a)

Down payment

b)

Installment

c)

Interest

d)

Credit limit

27.

A record that shows the insured person's driving history, including accidents, tickets, points, or moving violations is known as a _________.

a)

Driving record

b)

Insurance policy

c)

Credit report

d)

Medical history

28.

__________ is when funds are transferred from one party to another using electronic means such as online payment systems or mobile payments.

a)

Electronic Payment

b)

Cash Payment

c)

Cheque Payment

d)

Barter Payment

29.

Money that is set aside specifically for unanticipated needs. Experts recommend that people should have 3-6 months of living expenses set aside in emergency savings.

a)

Emergency Fund

b)

Retirement Account

c)

Vacation Fund

d)

Investment Portfolio

30.

A government-run organization that insures customers’ bank deposits up to $250,000 if the bank fails. The National Credit Union Administration is the equivalent for credit unions.

a)

Federal Deposit Insurance Corp (FDIC)

b)

Securities and Exchange Commission (SEC)

c)

Federal Reserve System (Fed)

d)

Office of the Comptroller of the Currency (OCC)

31.

The FAFSA is an application that gives you access to need-based federal financial aid.

a)

Free Application for Federal Student Aid (FAFSA)

b)

Federal Aid for Student Success Application

c)

Financial Assistance for Students Act

d)

Federal Academic Scholarship Form

32.

A card or token that can be exchanged for a specified cash value of goods or services from a particular business, given as a gift.

a)

Gift cards

b)

Credit cards

c)

Membership cards

d)

Loyalty points

33.

Temporary or freelance work provided by an independent contractor on an on-demand basis.

a)

Gig work

b)

Full-time employment

c)

Internship

d)

Apprenticeship

34.

A form of financial aid for college that does not need to get repaid.

a)

Grant

b)

Loan

c)

Work-study

d)

Scholarship

35.

A type of insurance where an insurance company agrees to pay for some or all of your medical expenses in exchange for a monthly premium payment.

a)

Health insurance

b)

Life insurance

c)

Auto insurance

d)

Homeowners insurance

36.

A type of insurance that covers damages to an insured person’s home, property, and personal belongings.

a)

Homeowners insurance

b)

Auto insurance

c)

Health insurance

d)

Life insurance

37.

Money received or earned for work done, from investments or other sources. ________

a)

Income

b)

Expense

c)

Debt

d)

Loan

38.

Money paid at a particular rate for the use of money lent, or for delaying the repayment of a debt.

a)

Interest

b)

Dividend

c)

Rent

d)

Commission

39.

A type of insurance that pays out a sum of money either on the death of the insured person or after a period of time.

a)

Life insurance

b)

Health insurance

c)

Car insurance

d)

Travel insurance

40.

A financial goal that will take more than five years to achieve.

a)

Long-term financial goal

b)

Short-term financial goal

c)

Emergency fund

d)

Monthly budget

41.

A high-yield savings account that's FDIC-insured up to $250,000. In contrast to a CD, with a ____________, the account holder can still have regular access to their funds.

a)

Money Market Account (MMA)

b)

Certificate of Deposit (CD)

c)

Checking Account

d)

Traditional Savings Account

42.

An independent federal agency that regulates, charters, and supervises federal credit unions is known as the _________

a)

National Credit Union Association (NCUA)

b)

Federal Deposit Insurance Corporation (FDIC)

c)

Office of the Comptroller of the Currency (OCC)

d)

Securities and Exchange Commission (SEC)

43.

Charges by financial institutions to the account holder when the account holder spends more than what they have in their checking account are called _________.

a)

Overdraft Fee

b)

Maintenance Fee

c)

ATM Withdrawal Fee

d)

Minimum Balance Fee

44.

An arrangement made between an account holder and their financial institution that allows the account holder to withdraw more than the balance in their account without incurring any penalties is called _________

a)

Overdraft Coverage

b)

Fixed Deposit

c)

Standing Order

d)

Credit Card Limit

45.

A block of time that an employee is paid for when they are not working is called _________.

a)

Paid time off (PTO)

b)

Unpaid leave

c)

Salary deduction

d)

Overtime pay

46.

A money management method where an individual puts money into a savings account before any other expenses is called the _________?

a)

Pay Yourself First Method

b)

Zero-Based Budgeting

c)

Envelope System

d)

50/30/20 Rule

47.

A low interest, subsidized federal student loan, meaning you won't pay or collect interest while you are in school, is called a _________?

a)

Perkins loan

b)

PLUS loan

c)

Private loan

d)

Unsubsidized Stafford loan

48.

A type of auto insurance that covers medical expenses and lost wages for the insured person and their passengers in the event of accident, regardless of who is at fault is called _________.

a)

Personal injury protection

b)

Collision coverage

c)

Comprehensive coverage

d)

Liability insurance

49.

A type of insurance coverage that helps cover the cost of the insured person's personal items if they are damaged, destroyed, or stolen due to a covered insurance incident is called _________.

a)

Personal property coverage

b)

Liability coverage

c)

Health insurance

d)

Auto insurance

50.

The amount of money someone pays over a period of time to pay for an insurance policy is called the _________.

a)

Policy premium

b)

Deductible

c)

Coverage limit

d)

Claim

51.

A health issue that the insured person had before the health insurance policy took place. Insurance companies can no longer refuse to cover people or raise prices for those with these conditions. What is this called?

a)

Preexisting condition

b)

Deductible

c)

Premium

d)

Beneficiary

52.

What is the term for the following definition? 'The cost divided by a measurement or weight.'

a)

Price per unit

b)

Total cost

c)

Gross weight

d)

Net price

53.

What is the term for the following definition? 'A university whose funding comes from tuition, investments, and private donors instead of the government.'

a)

Private university

b)

Public university

c)

Community college

d)

State university

54.

What is the term for the following definition? 'A university whose funding comes from the government and tax payers.'

a)

Public university

b)

Private university

c)

Community college

d)

Technical institute

55.

What is the term for the following definition? 'The educational outcome achieved per dollar spent on education. For college, this means estimating how much a college degree costs versus your earning potential over time.'

a)

Return on investment (ROI)

b)

Accrued interest

c)

Net price calculator

d)

Financial aid package

56.

What is the term for the following definition? 'A 9-digit number that’s based on the U.S. bank location of where the account was opened.'

a)

Routing Number

b)

Account Number

c)

SWIFT Code

d)

Check Number

57.

What is the term for the following definition? 'A payment made to support a student's education, awarded either on the basis of academic excellence or financial need, that a student does not need to pay back.'

a)

Scholarship

b)

Loan

c)

Tuition

d)

Grant

58.

What is the term for the following definition? 'A type of insurance coverage that makes payments to the insured person if they become too sick or injured to work, usually between 40 to 70% of the person's income over the course of a benefit period.'

a)

Short-term disability

b)

Life insurance

c)

Auto insurance

d)

Homeowners insurance

59.

What is the term for the following definition? 'A federal benefit that provides retirement income for American workers.'

a)

Social Security

b)

Medicare

c)

Unemployment Insurance

d)

Food Stamps

60.

A payment or charge collected by the government to cover the costs of government services or activities is called _________.

a)

Taxes

b)

Loans

c)

Subsidies

d)

Donations