wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

Future Smart: Financial Literacy Terms

Total questions: 100

Worksheet time: 2hrs 40mins

Name
Class
Date
1.

What is the term for the following definition? 'A retirement account offered through an employer, where an employee can contribute money from his or her paycheck before or after taxes.'

a)

401(k)

b)

Roth IRA

c)

Health Savings Account (HSA)

d)

Certificate of Deposit (CD)

2.

What is the term for the following definition? 'A savings account that is specifically designed to help you and your family save for high education. The money in the account can only be used to pay for educational expenses, like tuition, room and board, and textbooks.'

a)

529 College savings plan

b)

Roth IRA

c)

Health Savings Account (HSA)

d)

Certificate of Deposit (CD)

3.

What is the term for the following definition? 'Interest rate charged by a credit card company on any outstanding credit card balance.'

a)

Annual percentage rate

b)

Minimum payment

c)

Credit limit

d)

Grace period

4.

What is the term for the following definition? 'The most a person has to pay for medical services in a full year, outside of monthly premiums.'

a)

Annual out-of-pocket maximum

b)

Deductible

c)

Copayment

d)

Lifetime maximum

5.

What is the term for the following definition? 'A type of degree that typically takes two years of fulltime study after high school and is dedicated training toward a specific career or skill.'

a)

Associate degree

b)

Bachelor's degree

c)

Doctorate degree

d)

Certificate program

6.

What is the term for the following definition? 'An abbreviation that stands for Automated Teller Machine. An ATM is a machine that allows you to make electronic deposits and withdrawals from your bank accounts.'

a)

ATM

b)

PIN

c)

CPU

d)

URL

7.

What is the term for the following definition? 'The amount of money you are charged for using another bank’s ATM.'

a)

ATM fee

b)

Overdraft fee

c)

Monthly maintenance fee

d)

Service charge

8.

What is the term for the following definition? 'A system that allows you to pay bills, like your cell phone bill, automatically from your checking account.'

a)

Auto pay

b)

Manual transfer

c)

Check deposit

d)

Wire transfer

9.

What is the term for the following definition? 'A type of degree that normally takes four years of fulltime study, also known as an undergraduate degree. You can earn a Bachelor of Science or Bachelor of Arts degree.'

a)

Bachelor’s degree

b)

Master’s degree

c)

Associate’s degree

d)

Doctorate degree

10.

What is the term for the following definition? 'The people that are financially protected under a life insurance policy.'

a)

Beneficiary

b)

Policyholder

c)

Insurer

d)

Agent

11.

What is the term for the following definition? 'An interest-earning loan to a company or government for a specific amount of time. At the end of the set amount of time, the company or government must pay back the loan amount in full, along with any accumulated interest. Bonds are often considered a low-risk investment.'

a)

Bond

b)

Stock

c)

Mutual Fund

d)

Certificate of Deposit

12.

What is the term for the following definition? 'A plan for spending or saving money that is made up of income and expenses.'

a)

Budget

b)

Loan

c)

Tax

d)

Invoice

13.

A type of insurance that covers any damage you may cause to another person or their vehicle. Fill in the blank: __________

a)

Car insurance

b)

Health insurance

c)

Life insurance

d)

Home insurance

14.

A type of savings vehicle in which you put your money away for a certain amount of time, called a term, to allow your principal to earn interest. Also known as a CD, this savings vehicle traditionally has higher interest rates than a savings account and you must keep the money in the CD for the entire term or you will pay a penalty. Fill in the blank: __________

a)

Certificate of deposit

b)

Money market account

c)

Checking account

d)

Savings bond

15.

A type of bank account in which interest is not usually applied to the principal but offers a safe place to store your money and allows you to make withdrawals using an ATM card, debit card or personal check. Fill in the blank: __________

a)

Checking account

b)

Savings account

c)

Fixed deposit account

d)

Recurring deposit account

16.

Money that a person is required to pay for services, after a deductible has been paid. Fill in the blank: __________

a)

Coinsurance

b)

Premium

c)

Copayment

d)

Out-of-pocket maximum

17.

A type of car insurance that covers vehicle damage caused by an accident. Fill in the blank: __________

a)

Collision insurance

b)

Comprehensive insurance

c)

Liability insurance

d)

Personal injury protection

18.

Typically, a two-year higher education institution, also known as a junior college that costs less than a four-year college. Fill in the blank: __________

a)

Community college

b)

University

c)

Vocational school

d)

Technical institute

19.

Interest that's generated not only from the money you put into an account, but also from the interest you earned on your money. Fill in the blank: __________

a)

Compound interest

b)

Simple interest

c)

Fixed interest

d)

Nominal interest

20.

A type of car insurance that covers vehicle damages caused by non-collision events, such as storm damage or theft. Fill in the blank: __________

a)

Comprehensive insurance

b)

Collision insurance

c)

Liability insurance

d)

Personal injury protection

21.

A fixed fee you pay for specific medical services. Fill in the blank: __________

a)

Copay

b)

Deductible

c)

Premium

d)

Coinsurance

22.

An agency that tracks a borrower's credit and payment history to determine their credit score. Fill in the blank: __________

a)

Credit bureau

b)

Loan officer

c)

Bank branch

d)

Insurance company

23.

A payment type that does not automatically draw money from your checking account. It provides a short-term loan from the credit card company. At the end of each purchase period (usually a month), you receive a bill with all of your charges. You will have the option to pay off your balance (the amount you owe) or pay the minimum payment. If you do not pay your entire balance, you start to pay interest on the money you owe. What is this payment type?

a)

Credit card

b)

Debit card

c)

Prepaid card

d)

Gift card

24.

A statement showing the total amount of money owed based on your credit card transactions. Fill in the blank: __________

a)

Credit card bill

b)

Bank statement

c)

Loan agreement

d)

Receipt

25.

The total amount of money you can charge to your credit card. Fill in the blank: __________

a)

Credit limit

b)

Interest rate

c)

Minimum payment

d)

Billing cycle

26.

A three-digit numerical rating of how likely you are to pay off your debts. Fill in the blank: __________

a)

Credit score

b)

Interest rate

c)

Loan amount

d)

Payment term

27.

A payment type that allows you to make purchases using money directly from your checking account. Fill in the blank: __________

a)

Debit card

b)

Credit card

c)

Gift card

d)

Prepaid card

28.

Amount you are personally required to pay before your insurance covers the cost. Fill in the blank: __________

a)

Deductible

b)

Premium

c)

Copayment

d)

Out-of-pocket maximum

29.

When the price of goods or services decreases. Fill in the blank: __________

a)

Deflation

b)

Inflation

c)

Stagnation

d)

Depreciation

30.

Measures the number of people who are willing to buy a particular good or service at a given price. In a labor market, demand is the number of employers seeking workers for a particular position. Fill in the blank: __________

a)

Demand

b)

Supply

c)

Profit

d)

Wage

31.

When money is added into a bank account, also known as a 'credit'. Fill in the blank: __________

a)

Deposit

b)

Withdrawal

c)

Transfer

d)

Loan

32.

When money is automatically transferred into your account electronically. Fill in the blank: __________

a)

Direct deposit

b)

Wire transfer

c)

Cheque deposit

d)

Cash withdrawal

33.

_______: spending that you have complete control over because it is not necessary spending.

a)

Discretionary expense

b)

Fixed expense

c)

Mandatory expense

d)

Essential expense

34.

_______: a type of degree that is highly specialized in regard to a specific profession and typically takes three to five years to earn after completing your bachelor's degree.

a)

Doctoral degree

b)

Associate degree

c)

Certificate program

d)

Diploma

35.

_______: a piece of economic data that is used to interpret current or future investment possibilities and judge the overall health of an economy.

a)

Economic indicators

b)

Market shares

c)

Trade deficits

d)

Interest rates

36.

_______: a network of consumers and producers of goods and services in a community.

a)

Economy

b)

Government

c)

Ecosystem

d)

Society

37.

_______: an account used to put away funds to be used in an emergency.

a)

Emergency savings

b)

Retirement account

c)

Checking account

d)

Investment portfolio

38.

_______: a term used in the college financial aid process to determine an applicant's eligibility for need-based student aid, abbreviation EFC.

a)

Expected family contribution

b)

Estimated financial calculation

c)

Educational funding credit

d)

Eligible family cost

39.

_______: the money you're spending. This includes everything you buy, such as food, concert tickets, or even a pack of gum.

a)

Expenses

b)

Income

c)

Savings

d)

Investments

40.

_______: an abbreviation for Free Application for Federal Student Aid. This is the main form students use to apply for federal education grants and loans. The amount of money a student is given or loaned depends on several factors, such as family income, marital status, the type of school a student is planning to attend, and more.

a)

FAFSA

b)

SAT

c)

ACT

d)

CSS

41.

_______: is the amount of money a family saves over time to help fund a relative's college education.

a)

Family Savings

b)

Student Loan

c)

Scholarship

d)

Grant

42.

_______: stands for the Federal Deposit Insurance Corporation, and is corporation that insures deposits at banks that have purchased their coverage.

a)

FDIC

b)

FBI

c)

IRS

d)

SEC

43.

_______: a tax paid to the federal government based on the amount of money a person earns. Federal income taxes are used to fund government services such as healthcare, national defense, and scientific programs.

a)

Federal income tax

b)

Sales tax

c)

Property tax

d)

Excise tax

44.

_______: are offered to students in need of financial assistance. The federal government makes interest payments while the student is in college.

a)

Federal loans

b)

Private loans

c)

Scholarships

d)

Work-study programs

45.

_______: an expense that occurs regularly. This amount typically does not change from month-to-month.

a)

Fixed expenses

b)

Variable expenses

c)

Discretionary expenses

d)

Irregular expenses

46.

_______: provide money to students for college that does not have to be paid back.

a)

Grant

b)

Loan

c)

Scholarship

d)

Work-study

47.

_______: a type of insurance that covers the cost of medical expenses.

a)

Health insurance

b)

Life insurance

c)

Auto insurance

d)

Home insurance

48.

_______: the degree you receive when you graduate from high school.

a)

High school diploma

b)

Bachelor's degree

c)

Associate's degree

d)

Master's degree

49.

_______: a type of insurance that covers your home as well as your possessions inside, in cases of damage or loss.

a)

Homeowner's insurance

b)

Life insurance

c)

Auto insurance

d)

Health insurance

50.

_______: money you earn, like money you may get from your birthday or allowance from your parents.

a)

Income

b)

Debt

c)

Expense

d)

Loan

51.

_______: tax on the amount of money you earn that is paid to the federal or state government.

a)

Income tax

b)

Sales tax

c)

Property tax

d)

Excise tax

52.

_______: when the price of goods or services increases.

a)

Inflation

b)

Deflation

c)

Stagnation

d)

Depreciation

53.

_______: is the amount of money that was previously sitting in your checking account.

a)

Initial deposit check

b)

Withdrawal slip

c)

Overdraft fee

d)

Monthly statement

54.

What is the term for the following definition: 'typically, a discounted cost of enrollment for a higher education institute that is given to students that are from the same state the school is located in'?

a)

In-state tuition

b)

Out-of-state tuition

c)

Scholarship

d)

Student loan

55.

What is the term for the following definition: 'a monetary fee you are charged for borrowing money'?

a)

Interest

b)

Dividend

c)

Principal

d)

Premium

56.

What is the term for the following definition: 'the percentage of interest you either make or pay on a principal'?

a)

Interest rate

b)

Principal amount

c)

Compound period

d)

Maturity value

57.

What is the term for the following definition: 'how much money you could potentially earn from an investment, and it is usually expressed as a percentage'?

a)

Investment return

b)

Investment risk

c)

Investment period

d)

Investment principal

58.

What is the term for the following definition: 'how likely it is that you'll lose money on an investment'?

a)

Investment risk

b)

Investment return

c)

Asset allocation

d)

Market timing

59.

What is the term for the following definition: 'the higher the risk, the higher the potential return or loss, and the lower the risk, the lower the potential return or loss'?

a)

Investment summary

b)

Risk-return tradeoff

c)

Asset allocation

d)

Market equilibrium

60.

What is the term for the following definition: 'abbreviation for an “Individual Retirement Account”, a retirement account designed for individual savers that offers tax savings, but has contribution limits and withdrawal restrictions'?

a)

IRA

b)

401(k)

c)

Roth

d)

CD

61.

What is the term for the following definition: 'refers to the talent and expertise a person possesses to perform a certain job or task'?

a)

Job skills

b)

Workplace location

c)

Company policy

d)

Office equipment

62.

What is the term for the following definition: 'a type of car insurance that covers any damage caused to another person or their vehicle'?

a)

Liability insurance

b)

Comprehensive insurance

c)

Collision insurance

d)

Personal injury protection

63.

What is the term for the following definition: 'a type of insurance that provides financial security for a person (called a beneficiary) when someone close to them passes away'?

a)

Life insurance

b)

Health insurance

c)

Auto insurance

d)

Home insurance

64.

What is the term for the following definition: 'Liquidity refers to how easy it is to get at your money. High liquidity means it’s easy to get your money right away. Low liquidity means it’s harder to access your funds.'?

a)

Liquidity

b)

Interest

c)

Inflation

d)

Credit

65.

What is the term for the following definition: 'negative earnings, or when your earned revenue is less than your total expenses'?

a)

Loss

b)

Profit

c)

Revenue

d)

Dividend

66.

What is the term for the following definition: 'after completing a bachelor’s degree, you can continue on to complete a master’s program in a variety of fields. This type of degree typically takes one or two years, but can sometimes be completed on evenings and weekends, while you’re working full-time.'?

a)

Master’s degree

b)

Associate degree

c)

Doctorate degree

d)

Certificate program

67.

What is the term for the following definition: 'tax that pays for healthcare for people ages 65 and over'?

a)

Medicare tax

b)

Social Security tax

c)

Income tax

d)

Property tax

68.

What is the term for the following definition: 'the amount of money you must keep in your account'?

a)

Minimum balance

b)

Interest rate

c)

Withdrawal limit

d)

Overdraft fee

69.

What is the term for the following definition: 'in regard to credit cards, this refers to the least amount of money you have to pay back on a monthly basis to avoid fees and penalties associated with not paying the minimum amount'?

a)

Minimum monthly payment

b)

Credit limit

c)

Annual fee

d)

Interest rate

70.

What is the term for the following definition: 'a type of loan used to finance the purchase of real estate'?

a)

Mortgage

b)

Credit Card

c)

Personal Loan

d)

Auto Loan

71.

What is the term for the following definition: 'is a mix of different investments, like stocks and bonds'?

a)

Mutual fund

b)

Savings account

c)

Credit card

d)

Loan

72.

What is the term for the following definition: 'when referring to budgeting, a need is an expense that you can’t live without'?

a)

Need

b)

Want

c)

Luxury

d)

Desire

73.

What is the term for the following definition: 'the amount of pay you take home after all taxes are taken out'?

a)

Net pay

b)

Gross pay

c)

Taxable income

d)

Deductions

74.

What is the term for the following definition: 'the amount of money a business makes, after all expenses have been paid for (net income = revenue - expenses)'?

a)

Net income

b)

Gross income

c)

Revenue

d)

Operating cost

75.

What is the term for the following definition: 'the next best alternative that was given up by making a certain decision'?

a)

Opportunity cost

b)

Sunk cost

c)

Marginal cost

d)

Fixed cost

76.

What is the term for the following definition: 'taking out more money than what is in an account'?

a)

Overdraft

b)

Deposit

c)

Interest

d)

Balance

77.

A fee incurred when you take out more money than what is in your bank account is called ________.

a)

Overdraft fee

b)

Service charge

c)

ATM withdrawal fee

d)

Monthly maintenance fee

78.

A loan in the form of cash before you receive your paycheck, also known as 'cash advances.' Payday loans typically have very high fees and interest rates. This is called a ________.

a)

Payday loan

b)

Mortgage

c)

Student loan

d)

Auto loan

79.

A card that allows you to put a specific amount of money onto it. Prepaid cards usually come with additional fees and charges, such as an activation fee, a fee for each purchase, or fees if you don’t use the card for a specific amount of time. This is called a ________.

a)

Prepaid card

b)

Credit card

c)

Debit card

d)

Gift card

80.

The amount you pay the insurance company for coverage, typically paid each month, is called a ________.

a)

Premium

b)

Deductible

c)

Copayment

d)

Claim

81.

A higher education institute that is generally supported by private donations and tuition, and on average cost more than public colleges, is called a ________.

a)

Private college

b)

Community college

c)

Public university

d)

Vocational school

82.

Loans financed by lenders, like banks, credit unions and sometimes the school you attend, are called ________.

a)

Private loans

b)

Federal grants

c)

Scholarships

d)

Work-study loans

83.

Positive earnings, when you have earned more in revenue than you spent on expenses, is called ________.

a)

Profit

b)

Loss

c)

Debt

d)

Expense

84.

A higher education institute that is generally supported by state government funds, and on average cost less than private institutions, is called a ________.

a)

Public college

b)

Private college

c)

Community center

d)

Vocational school

85.

The value of a currency expressed in terms of the amount of goods or services that one unit of money can buy is called ________.

a)

Purchasing power

b)

Inflation rate

c)

Exchange rate

d)

Interest rate

86.

A type of insurance that can protect a person from property damage or loss in a rental property is called ________.

a)

Renter’s insurance

b)

Health insurance

c)

Auto insurance

d)

Life insurance

87.

The amount of money a business makes within a specific time period, typically a month, is called ________.

a)

Revenue

b)

Expense

c)

Liability

d)

Asset

88.

A fixed payment, usually paid on a weekly or bi-weekly basis that does not vary depending on how little or how much you work, is called a ________.

a)

Salary

b)

Commission

c)

Hourly wage

d)

Bonus

89.

The tax you pay to the state or local government when purchasing an item. Sales tax differs by state and not all states have a sales tax. This is called ________.

a)

Sales tax

b)

Income tax

c)

Property tax

d)

Excise tax

90.

A type of savings vehicle in which interest is earned on the deposit amount (principal). Savings accounts usually require a minimum balance, offer lower interest rates, and have restrictions on the number of withdrawals allowed within a given time period. This is called a ________.

a)

Savings account

b)

Checking account

c)

Certificate of deposit

d)

Money market account

91.

A specific amount of money given to a student to help pay for their education is called a ________.

a)

Scholarship

b)

Loan

c)

Tuition

d)

Grant

92.

Money a property owner holds onto during the leasing period, that can later be used to pay for any damages to the property caused by the renters. The security deposit is usually equal to one month’s rent. This is called a ________.

a)

Security deposit

b)

Lease agreement

c)

Rental fee

d)

Maintenance charge

93.

Interest that is generated from the money you put into an account is called ________.

a)

Simple interest

b)

Compound interest

c)

Annual yield

d)

Dividend

94.

Tax that pays for people who are currently retired and for the future retired population is called ________.

a)

Social security tax

b)

Income tax

c)

Sales tax

d)

Property tax

95.

Taxes paid to the state where you live or work based on the amount of money you earn. State income taxes are used to help support schools, maintain roads and keep people safe. The amount of state income tax varies by state – some states do not have state income tax at all. This is called ________.

a)

State income tax

b)

Federal income tax

c)

Property tax

d)

Sales tax

96.

A fixed amount paid for work, usually on a scheduled basis or after a set amount of time is called _________.

a)

Stipend

b)

Commission

c)

Bonus

d)

Wage

97.

What is a small piece of ownership in a company called?

a)

Stock

b)

Bond

c)

Loan

d)

Dividend

98.

A place to trade stocks is known as the _________.

a)

Stock exchange

b)

Supermarket

c)

Library

d)

Bank

99.

What measures the amount of a specific good or service available for a given price?

a)

Supply

b)

Demand

c)

Price

d)

Revenue

100.

The amount taken out of a paycheck to pay for income taxes is called _________.

a)

Taxes withheld

b)

Gross pay

c)

Net pay

d)

Deductions