Financial Literacy

Question 1

a fixed payment, usually paid on a weekly or bi-weekly basis;does not vary depending on how little or how much you work

Accepted Answer

Salary

Question 2

positive earnings, when you have earned more in revenue than you spent on expenses

Accepted Answer

Profit

Question 3

a safe place to store your money and allows you to make withdrawals using an ATM card, debit card or personal check.

Accepted Answer

Checking Account

Question 4

the tax you pay to the state or local government when purchasing an item

Accepted Answer

Sale Tax

Question 5

a card that allows you to put a specific amount of money onto it.

Accepted Answer

Prepaid Card

Question 6

Net Income: amount of money a business makes, after all expenses have been paid for (net income = revenue - expenses

Accepted Answer

True

Question 7

If you pay the monthly minimum on a credit card bill you will not have to pay any interest on the remaining amount

Accepted Answer

False

Question 8

a type of car insurance that covers vehicle damages caused by non-collision events, such as storm damage or theft

Accepted Answer

Comprehensive insurance

Question 9

a fixed fee you pay for specific medical services

Accepted Answer

Copay

Question 10

amount you are personally required to pay before your insurance covers the cost

Accepted Answer

Deductible

Question 11

An ATM fee is the amount of money you are charged for using another bank’s ATM

Accepted Answer

True

Question 12

tax that pays for people who are currently retired and for the future retired population.

Accepted Answer

Social Security Tax

Question 13

a type of insurance that covers the cost of medical expenses

Accepted Answer

Health insurance

Question 14

taxes paid to the state where you live or work based on the amount of money you earn.

Accepted Answer

State Income Tax

Question 15

the most a person has to pay for medical services in a full year, outside of monthly premiums

Accepted Answer

Annual out-of-pocket maximum

Question 16

a type of car insurance that covers vehicle damage caused by an accident

Accepted Answer

Collision insurance

Question 17

amount you are personally required to pay before your insurance covers the cost

Accepted Answer

Deductible

Question 18

a savings account designed to help save for higher education. The money in the account can only be used for education

Accepted Answer

529 College savings plan

Question 19

a system that allows you to pay bills, like your cell phone bill, automatically from your checking account

Accepted Answer

Auto Pay

Question 20

interest generated not only from the money you put into an account, but also from the interest you earned on your money

Accepted Answer

Compound interest

Question 21

a plan for spending or saving money that is made up of income and expenses

Accepted Answer

Budget

Question 22

It is best to pay off your credit card bill in full

Accepted Answer

True

Question 23

the amount you pay the insurance company for coverage, typically paid each month

Accepted Answer

Premuim

Question 24

A rate charged by a credit card company on any outstanding credit card balance

Accepted Answer

Annual percentage rate

Question 25

amount paid based on a certain time period. You can earn this per hour, day or week.

Accepted Answer

Wage

Question 26

Liquidity refers to how easy it is to get at your money.

Accepted Answer

True

Question 27

Beneficiary: the people that are financially protected under a life insurance policy

Accepted Answer

True

Question 28

tax that pays for healthcare for people ages 65 and over

Accepted Answer

Social Security Tax, Medicare Tax

Question 29

Low liquidity means it’s easy to get your money right away. High liquidity means it

Accepted Answer

False

Question 30

a machine owned by the bank that allows you to make electronic deposits and withdrawals from your bank accounts.

Accepted Answer

ATM

Question 31

How many months of savings should you have in your emergency fund?

Accepted Answer

at least 6 months of bills

Question 32

a payment type that does not automatically draw money from your checking account; provides a short-term loan

Accepted Answer

Credit Card

Question 33

money that a person is required to pay for services, after a deductible has been paid

Accepted Answer

Coinsurance

Question 34

the amount of pay you take home after all taxes are taken out

Accepted Answer

Net Pay

Question 35

A retirement account offered through an employer; employees contribute money from their paycheck before or after taxes

Accepted Answer

401(k)

Question 36

taking out more money than what is in an account

Accepted Answer

Overdraft

Question 37

interest that is generated from the money you put into an account

Accepted Answer

Simple Interest

Financial Literacy

Questions 37

Financial Literacy

Questions 37