WorksheetsVocabulary Unit 1 Lesson 1 Quiz
Total questions: 15
Worksheet time: 8mins
Financial Literacy
Knowing how money works, including earning, spending, saving, and following money rules/laws.
Planning how to use your money for needs, wants, and savings.
A government agency that insures bank deposits up to $250,000 per depositor.
Money set aside for later instead of spending it now.
Budgeting
Planning how to use your money for needs, wants, and savings.
The total amount you earn before deductions.
A law that protects the accuracy, fairness, and privacy of your credit information.
An amount subtracted from gross pay, such as taxes or insurance.
Saving
Money set aside for later instead of spending it now.
The total amount you earn before deductions.
A group of laws that protect buyers from unfair business practices and unsafe products.
A law that requires lenders to clearly explain the cost of borrowing money.
Federal Deposit Insurance Corporation (FDIC)
A government agency that insures bank deposits up to $250,000 per depositor.
A law that protects the accuracy, fairness, and privacy of your credit information.
An amount subtracted from gross pay, such as taxes or insurance.
The money you take home after all deductions.
Truth in Lending Act (TILA)
A law that requires lenders to clearly explain the cost of borrowing money.
A group of laws that protect buyers from unfair business practices and unsafe products.
Planning how to use your money for needs, wants, and savings.
Knowing how money works, including earning, spending, saving, and following money rules/laws.
Fair Credit Reporting Act (FCRA)
Protect the accuracy, fairness, and privacy of your credit information.
Insure bank deposits up to $250,000 per depositor.
Require lenders to clearly explain the cost of borrowing money.
Subtract amounts from gross pay, such as taxes or insurance.
Consumer Protection Laws
Protect buyers from unfair business practices and unsafe products.
Insure bank deposits up to $250,000 per depositor.
Require lenders to clearly explain the cost of borrowing money.
Protect the accuracy, fairness, and privacy of your credit information.
Gross Pay
The total amount you earn before deductions.
The money you take home after all deductions.
An amount subtracted from gross pay, such as taxes or insurance.
Money set aside for later instead of spending it now.
Net Pay
The money you take home after all deductions.
The total amount you earn before deductions.
An amount subtracted from gross pay, such as taxes or insurance.
Money set aside for later instead of spending it now.
Deductions
An amount subtracted from gross pay, such as taxes or insurance.
The total amount you earn before deductions.
The money you take home after all deductions.
Money set aside for later instead of spending it now.
Which of these is NOT covered by FDIC insurance?
Checking accounts
Certificates of deposit (CDs)
Stocks and bonds
Savings accounts
Which of these is an example of a deduction?
Gross pay
School district tax taken from your paycheck
Your savings account deposit
A bonus from your employer
The Truth in Lending Act protects you by:
Making sure you earn more interest on savings
Requiring lenders to show interest rates and fees before you sign
Limiting how many loans you can take out
Providing free legal advice for contracts
Which law lets you dispute incorrect information on your credit report?
FDIC
Consumer Protection Laws
Truth in Lending Act
Fair Credit Reporting Act
Which of these is an example of a risk in a financial decision?
The chance of losing money or having a bad outcome
The opportunity to earn interest
Having a secure savings account
Planning your monthly budget
