WorksheetsEVERFI: Financial Literacy® for High School Terms
Total questions: 60
Worksheet time: 30mins
What is the definition of the 50-30-20 Method?
A type of insurance purchased by vehicle owners
A budgeting method that allows an individual to spend 50 percent on needs, 30 percent on wants, and 20 percent on savings.
A plan for income and expenses during a set period.
An account into which a sum of money is deposited for a specified length of time.
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.'
Auto insurance
Bank
Budget
Check
A for-profit financial institution that is federally licensed to receive deposits and issue loans is called a ________.
Bank
Credit Union
Insurance Company
Brokerage Firm
Any perk offered to an employee in addition to a salary is known as:
Budget
Benefits
Cash
Career
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 ________.
Bodily injury liability
Collision coverage
Comprehensive insurance
Personal injury protection
A plan for income and expenses during a set period is called a ________.
Budget
Invoice
Receipt
Contract
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 ________.
Certificate Of Deposit (CD)
Money Market Account
Savings Bond
Checking Account
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 ________.
Check
Invoice
Receipt
Voucher
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 __________.
Checking Account
Savings Bond
Credit Card
Certificate of Deposit
_________ is something you pledge to a lender if you fail to make payments.
Collateral
Dividend
Invoice
Deposit
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 _____________.
Collision insurance
Comprehensive insurance
Liability insurance
Personal injury protection
____________ is a type of undergraduate higher education institution, generally leading to an associate degree, certificate, or diploma.
Community college
High school
Trade union
Research institute
An optional auto insurance coverage that protects against damage to a vehicle that was not caused by a collision is called ___________.
Comprehensive insurance
Liability insurance
Collision insurance
Personal injury protection
An amount of money paid by an insured person toward the cost of medical treatment or health services is known as ____________.
Copay
Premium
Deductible
Out-of-pocket maximum
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.
Credit Card
Debit Card
Gift Card
Prepaid Card
_________ is information about how you've handled your credit accounts in the past.
Credit history
Credit limit
Credit score
Credit inquiry
_________ is an amount of money that lenders make available to you, that you can use over time or all at once.
Credit limit
Interest rate
Minimum payment
Annual fee
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.
Credit score
Interest rate
Loan amount
Payment schedule
A not-for-profit financial institution that is member owned and operated and is licensed to receive deposits and issue loans is known as _________.
Credit Union
Commercial Bank
Investment Firm
Payday Lender
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.
Debit Card
Credit Card
Gift Card
Prepaid Card
The amount of money you owe to a lender you've borrowed from is called _________.
Debt
Asset
Income
Deposit
A specific amount of money that an insured person must pay before an insurance company will pay a claim is called __________.
Deductibles
Premiums
Copayments
Coverage
A ______ is when money is added to an account.
Deposit
Withdrawal
Interest
Loan
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.
Direct Deposit
Wire Transfer
Overdraft
Certified Check
What type of insurance offers protection for lost wages when the insured person gets sick, injured, or cannot work?
Disability insurance
Life insurance
Auto insurance
Homeowners insurance
What do you call an initial payment made when something is bought using credit?
Down payment
Installment
Interest
Credit limit
A record that shows the insured person's driving history, including accidents, tickets, points, or moving violations is known as a _________.
Driving record
Insurance policy
Credit report
Medical history
__________ is when funds are transferred from one party to another using electronic means such as online payment systems or mobile payments.
Electronic Payment
Cash Payment
Cheque Payment
Barter Payment
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.
Emergency Fund
Retirement Account
Vacation Fund
Investment Portfolio
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.
Federal Deposit Insurance Corp (FDIC)
Securities and Exchange Commission (SEC)
Federal Reserve System (Fed)
Office of the Comptroller of the Currency (OCC)
The FAFSA is an application that gives you access to need-based federal financial aid.
Free Application for Federal Student Aid (FAFSA)
Federal Aid for Student Success Application
Financial Assistance for Students Act
Federal Academic Scholarship Form
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.
Gift cards
Credit cards
Membership cards
Loyalty points
Temporary or freelance work provided by an independent contractor on an on-demand basis.
Gig work
Full-time employment
Internship
Apprenticeship
A form of financial aid for college that does not need to get repaid.
Grant
Loan
Work-study
Scholarship
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.
Health insurance
Life insurance
Auto insurance
Homeowners insurance
A type of insurance that covers damages to an insured person’s home, property, and personal belongings.
Homeowners insurance
Auto insurance
Health insurance
Life insurance
Money received or earned for work done, from investments or other sources. ________
Income
Expense
Debt
Loan
Money paid at a particular rate for the use of money lent, or for delaying the repayment of a debt.
Interest
Dividend
Rent
Commission
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.
Life insurance
Health insurance
Car insurance
Travel insurance
A financial goal that will take more than five years to achieve.
Long-term financial goal
Short-term financial goal
Emergency fund
Monthly budget
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.
Money Market Account (MMA)
Certificate of Deposit (CD)
Checking Account
Traditional Savings Account
An independent federal agency that regulates, charters, and supervises federal credit unions is known as the _________
National Credit Union Association (NCUA)
Federal Deposit Insurance Corporation (FDIC)
Office of the Comptroller of the Currency (OCC)
Securities and Exchange Commission (SEC)
Charges by financial institutions to the account holder when the account holder spends more than what they have in their checking account are called _________.
Overdraft Fee
Maintenance Fee
ATM Withdrawal Fee
Minimum Balance Fee
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 _________
Overdraft Coverage
Fixed Deposit
Standing Order
Credit Card Limit
A block of time that an employee is paid for when they are not working is called _________.
Paid time off (PTO)
Unpaid leave
Salary deduction
Overtime pay
A money management method where an individual puts money into a savings account before any other expenses is called the _________?
Pay Yourself First Method
Zero-Based Budgeting
Envelope System
50/30/20 Rule
A low interest, subsidized federal student loan, meaning you won't pay or collect interest while you are in school, is called a _________?
Perkins loan
PLUS loan
Private loan
Unsubsidized Stafford loan
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 _________.
Personal injury protection
Collision coverage
Comprehensive coverage
Liability insurance
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 _________.
Personal property coverage
Liability coverage
Health insurance
Auto insurance
The amount of money someone pays over a period of time to pay for an insurance policy is called the _________.
Policy premium
Deductible
Coverage limit
Claim
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?
Preexisting condition
Deductible
Premium
Beneficiary
What is the term for the following definition? 'The cost divided by a measurement or weight.'
Price per unit
Total cost
Gross weight
Net price
What is the term for the following definition? 'A university whose funding comes from tuition, investments, and private donors instead of the government.'
Private university
Public university
Community college
State university
What is the term for the following definition? 'A university whose funding comes from the government and tax payers.'
Public university
Private university
Community college
Technical institute
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.'
Return on investment (ROI)
Accrued interest
Net price calculator
Financial aid package
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.'
Routing Number
Account Number
SWIFT Code
Check Number
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.'
Scholarship
Loan
Tuition
Grant
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.'
Short-term disability
Life insurance
Auto insurance
Homeowners insurance
What is the term for the following definition? 'A federal benefit that provides retirement income for American workers.'
Social Security
Medicare
Unemployment Insurance
Food Stamps
A payment or charge collected by the government to cover the costs of government services or activities is called _________.
Taxes
Loans
Subsidies
Donations
