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Financial Literacy Vocabulary Flashcards | StudBud
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Financial Literacy Vocabulary
Financial Literacy Vocabulary
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#finlitvocab
Flashcards
15 cards
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Questions
15
Answers
1
What is Direct Deposit?
Your paycheck
Downpayment on a house
Deposits made electronically into your bank account
When you make a deposit directly with the bank teller
2
What is a
PROPERTY TAX
?
Your house
The taxes you pay for your property
The taxes you pay for any utilities
The tax you pay for your house
3
What is the
DIFFERENCE
between an expense and an income?
You use money for your expenses and for income
Your expenses come from the bank and you earn income
Expense is $$ that goes out & income is $$ that comes in
Expense starts with e and income starts with i
4
Some deductions that are taken from your payrol include Medicare and Social Security
False
True
5
What is a credit score?
How much you can charge on your credit card
How many credit cards you have
A number you are assigned based on your credit history
How much you owe on your credit card
6
What is a
NET
income?
The amount of money in your paycheck before deductions
The amount of money in your paycheck after deductions
What you catch in a net
Any money you earn in a year
7
What is a Credit Card Limit?
The number of credit cards you can have at one time
The maximum amount you can borrow on your credit card
The credit score you need to get a credit card
The maximum interest you will pay on your credit card
8
What is the difference between a
Debit Card
and a
Credit Card
?
You pay loans with a Debit card, but not for a Credit Card
Debit Card starts with a D and Credit Card starts with a C
Debit card, $$ from checking A/C. Credit card, $$ is a loan.
You pay interest on your Credit Card, not on a Debit Card
9
At 19 u invest $2,000 every year for 8 years at 12% interest rate. How much will u have at 65?
approxs. $100,000
approx. $20,000
over $2 million
approx. $1 million
10
You have $100 in Savings earning 2% interest a year. After 5 years, how much would you have?
Exactly $102
Less than $102
$100
More than $102
11
What is
BUDGETING
?
You spend money
You save money
Money you have invested
Process of creating a plan to spend your money
12
What is a
GROSS
Income?
The amount of money you get from the bank
An income that is very low
The amount of money in your paycheck before deductions
The amount of money in your paycheck after deductions
13
What does the term APR mean
Annual percentage rate of interest
April Progress Report
A fee on a debit card
How much interest you pay
14
What is considered a good credit score
Above 700
Zero
Less than 500
Above 1000
15
What are three different taxes that you most likely pay when you get your pay check?
Sales tax, payroll tax, and property tax
Medicare, social security, and property tax
Social Security and Sales Tax
Social security, medicare, and Federal income tax
