WorksheetsFinancial Literacy Vocabulary: Part 1
Total questions: 25
Worksheet time: 17mins
Which term describes money being automatically taken from a bank account on a set schedule to pay bills without writing a check?
Budget
Automatic Bank Deduction
Electronic Payments
Debit Card
What does it mean to borrow?
To permanently take money from someone with no plan to return it
To temporarily take money or an item with a promise to return it, often with an extra fee or interest
To list all money spent during a time period
To pay using physical coins and paper bills
Which option best describes a budget?
A card that lets you borrow money for purchases
A plan showing money coming in and going out to manage spending and save
A written order telling a bank to pay someone
Special tickets or codes that give you a discount
Which payment method takes money out of your bank account immediately when you make a purchase?
Credit Card
Debit Card
Check
Coupons
A credit card allows you to make purchases by borrowing money that must be paid back later, often with added interest. Which statement is a smart use of a credit card?
Using it for everyday purchases you cannot afford and ignoring the bill
Using it for a necessary purchase and paying the bill in full on time
Sharing the card with friends to split costs
Using it only because it removes money immediately from your bank
Which item lists all the money you have spent during a specific time period?
Expense Statement
Financial Planning Tool
Budget
Electronic Payments
Which tool helps you organize and manage your money more effectively?
Charitable Contributions
Financial Planning Tool
Cash
Discounts
Which term refers to physical items that can be bought and sold, like toys, clothes, or electronics?
Goods
Services
Savings
Profit
What is income?
Money set aside for future use
The money you earn from working, allowances, or other sources
An extra percentage added to the price of items
The total value of what you own minus what you owe
Which statement best defines interest?
A document showing what you own and owe
The extra money you pay when borrowing or earn when saving, calculated as a percentage of the original amount
Money paid to use something you don't own
Big, expensive items that require planning
A purchasing method where you pay for an item in parts and can take it home only after it's fully paid is called:
Lease
Layaway Plan
Payroll Card
Sales Tax
Which choice best explains a lease?
An agreement to rent something for a specific time period in exchange for regular payments
Money earned by letting someone use your property
A financial document that shows how much money you've earned
A prepaid card employers use to pay employees
What does a net worth statement show?
Your income sources
The extra money added to prices by the government
The total value of what you own minus what you owe
How well-made or effective a product is
Which option lists payment methods mentioned in the material?
Cash, credit card, debit card, check
Gift card, coupon, store credit
Direct deposit, wire transfer, mobile pay
Barter, trade, IOU
Which term is defined as work done by someone for payment, like haircuts, car repairs, or tutoring?
Goods
Services
Profit
Product Quality
Which term refers to a computer program or document used to organize and calculate financial information?
Spreadsheet
Tip
Unit Price
Receipt
A snack pack costs 4for8ounces.Alargerbagcosts 7 for 20 ounces. Using the vocabulary term that helps you compare prices, which option has the lower unit price?
Snack pack ($0.50 per ounce)
Larger bag ($0.35 per ounce)
Both have the same unit price
Unit price cannot be determined
A
B
C
D
If Rebeca's budget is balanced, how much does she pay a month for utilities?
(a)
Michelle works at a bank. Her net income is $3,600 per month. Below is Michelle's budget.
What does Michelle need to do in order to balance her budget?
Spend $50 more on clothes
Only put $350 in her savings
Only spend $75 on entertainment
Only spend $360 on transportation
What plan is used to manage money?
check
checking account
budget
retirement account
A budget is ___________.
a list of what to buy at a store
a plan for managing your money. It compares how much you earn (make) to how much you spend
is things you shouldn't do
A budget it a helpful tool.
True
False
A budget _________________________.
Lets you know how much money you have and where it's going
lets you know what's for dinner
is something babies understand
