Ms. D's Financial Literacy Quiz

Which type of insurance is now mandatory in the United States?

Your health insurance copay is

Money that the government collects based on income, sales, and other activities

Amount of loan: $5,000 & interest is 2% annually over 4 years. How much will the borrower pay in total over 4 years?

Social security, state, & federal are all types of what kind of deductions?

What does disability insurance provide?

Sal made sure to ask about his _________________ because he knew that would be how much he got paid after deductions

Money or property given with the promise it will be paid back in the future with interest

Since Heather’s cell phone bill is always $75 every month, it is considered one of her ___________________________.

Providing money for something is called what?

Actual amount of money you get to take home after deductions are taken out...

Most apartment complexes do not include ___________ such as hot water and electricity in the rent anymore

A payment given to cover the cost of classes or training is called what?

Trust that lets people give things (goods, services, or $) to others, in the hope they will repay in the future is...

The amount of a loan is $5,000 and the interest is 2% annually over 4 years. What is the principal?

Joey will have to make monthly _____________ payments since he is purchasing his own home.

Money earned for a job before deductions are taken out..

A way to protect yourself from losing lots of money or if something bad happens is...

A long-term loan to buy property (ex. house & land) is called a/an...

Amount of loan: $5,000 & interest is 2% annually over 4 years. How much will the borrower pay in interest over 4 years?

How can you reduce the cost of auto insurance?

Paul's _________________ included his electricity bill and groceries since they were a different amount every time.

The amount of a loan or other debt is called what?

Choose the right vocab word for the sentence: The __________ of interest is 10%.

Choose the right vocab word for the sentence: I bought a car & needed to ____________ it.

I had to pay $300 in _______________ since the bank lent $3,000 to me.

Each of these factors impacts your insurance premium EXCEPT...

Which pay is always higher?

Amount of loan: $5,000 & the interest is 2% annually over 4 years. How much will the borrower pay in interest per year?

The amount of a loan is $5,000 and the interest is 2% annually over 4 years. What is the rate of interest?

_____________ card companies lend you money to purchase items with the belief you will pay them back every month.

What information is typically listed on an insurance policy?

Which type of insurance is likely to be the lowest priority for a single, working 24-year-old?

Together Tom & Vicki came up with a ___________ for their family so they did not overspend

Choose the right vocab word for the sentence: Since I bought my home, I now have to make monthly ___________ payments.

Which of the following wouldn't save you money on your auto insurance premium?

Services (such as water, & heat) that usually cost extra

Choose the right vocab word for the sentence: The ________ of the loan is 10 years.

Alana had $8,000 in her _____________ account that she could use to pay for her expenses.

What role does insurance play in financial planning?

I had to go to the bank to get a ______________ to purchase my first car.

Zoe and her roommate split _____________ for their apartment every month.

Choose the right vocab word for the sentence: My friend was awarded ____________ to pay for her first year of college.

Choose the right vocab word for the sentence: I received my loan from ____________.

Liz used her __________ card to pay for lunch since she knew she had enough money in her bank account.

The out of pocket cost to the insured when a loss occurs (and before insurance kicks in) is called...

A length of time (in regards to loans) is called a what?

An amount of one thing based on a unit of something else is called a what?

Money paid for the use of other money is called...

What is a deductible?

Which of the following insurance coverages is required by law?

Costs that continuously remain the same are...

A plan for spending and saving money is called a...

A loan to buy a home is called a what?

What happens to your premium when you increase your deductible?

The amount of a loan is $5,000 and the interest is 2% annually over 4 years. What is the term?

What is a co-pay?

What you pay to use a property, usually on a regular basis such as weekly or monthly

Choose the right vocab word for the sentence: If a loan is for $9,000, then ____________ is $9,000.

Choose the right vocab word for the sentence: I ran a lemonade stand to help __________ research for breast cancer.

 The difference between your income and your total expenses

Buying an item by borrowing money & paying it back is called what?

To remove money directly from a person’s bank account

A person or business that makes a loan is called what?

Thank goodness Gina had just signed up for car _____________ because she got into an accident on her to work.

A policy is a contract between the

Costs that change often are called what?