Financial Literacy

Question 1

What are contributions made by people to fund the services provided by the government?

Accepted Answer

taxes

Question 2

What is the number that reflects the credit history shown in aborrower's credit report called?

Accepted Answer

credit score

Question 3

What is any money a person spends or gives away?

Accepted Answer

expenses

Question 4

What is an instrumentthat signifies an ownership position in a corporation?

Accepted Answer

stock

Question 5

What is the entire amount of money a person owes to lenders.

Accepted Answer

debt

Question 6

What is money a person receives such as a paycheck from a job called?

Accepted Answer

income

Question 7

What is a plan for spending and saving money based on a given time period?

Accepted Answer

budget

Question 8

What formula is usedto determine how long it takes for money to double in value.?

Accepted Answer

Rule 72

Question 9

What is a check called that has been written but not cleared by the bank?

Accepted Answer

outstanding check

Question 10

What card can be used to make purchases or obtain cashadvances using a line of credit?

Accepted Answer

credit card

Question 11

What is an agreement a borrower gives a lender for thepurpose of buying property?

Accepted Answer

mortgage

Question 12

What is the government’s leading source of revenue (money)?

Accepted Answer

income tax

Question 13

What is a transaction deposit account that allows consumers to make deposit and withdrawals.

Accepted Answer

checking account

Question 14

What federal program provides workers and theirdependents retirement and disability income?

Accepted Answer

social security

Question 15

What is the amount ofa paycheck that a person can actually spend? (after all deductions)

Accepted Answer

net income

Question 16

What is a phrase used to describe what people should do to stay on track with savingmoney?

Accepted Answer

Pay Yourself First

Question 17

What is anindividual's taxable income before any appropriate adjustments are made?

Accepted Answer

gross earnings

Question 18

What is the cost ofborrowing money which is expressed as a percentage?

Accepted Answer

interest rate

Question 19

What is a fixedamount of money paid to an employee for each pay period?

Accepted Answer

wage

Question 20

What is a sum of money given with the intent to be repaid with an agreed interest rate?

Accepted Answer

loan

Question 21

What is total annual percentage amount it will cost aperson to use credit?

Accepted Answer

APR

Question 22

What is the value that people own, including cash, property, possessions, andinvestments.?

Accepted Answer

asset

Question 23

What are the amountssubtracted from gross income withheld by an employer called?

Accepted Answer

payroll deductions

Financial Literacy

Questions 23

Financial Literacy

Questions 23