Financial Literacy

Question 1

Creating an outline for spending and saving your income.

Accepted Answer

budget

Question 2

Charge added to a credit card balance when a payment is not received on time.

Accepted Answer

late fee

Question 3

This is the amount of money you actually get when your check is cashed.

Accepted Answer

net pay

Question 4

The maximum amount the lender is willing to make available to the borrower.

Accepted Answer

credit limit

Question 5

Money you have earned or were given.

Accepted Answer

income

Question 6

Health insurance premiums deducted from your pay.

Accepted Answer

employee paid health insurance

Question 7

Provides for a foundation of income on which workers can plan for their retirement.

Accepted Answer

social security tax

Question 8

A numerical code issued with a payment card that is required to be entered to complete various financial transactions.

Accepted Answer

pin number

Question 9

Earnings that are automatically put into your bank account.

Accepted Answer

direct deposit

Question 10

A document that orders a bank to pay a specific amount of money from a person's account to the name on the document.

Accepted Answer

check

Question 11

A record of a borrower's responsible repayment of debts from a number of sources.

Accepted Answer

credit history

Question 12

Machine that allows you to withdraw cash from your account without writing a check.

Accepted Answer

ATM

Question 13

Owing anything to anyone for any reason.

Accepted Answer

debt

Question 14

An agreement between a borrower and a lender, where the borrower agrees to repay money with interest over time.

Accepted Answer

loan

Question 15

Charge added to a credit card balance when a payment is not received on time.

Accepted Answer

interest

Question 16

Things you have spent your money on or paid for.

Accepted Answer

expenses

Question 17

Your current year gross earnings that were subject to FICA taxes

Accepted Answer

year to date earnings

Question 18

Federal health insurance program for people in the U.S. who are 65 and older.

Accepted Answer

medicare tax

Question 19

This is how often you are paid.

Accepted Answer

pay period

Question 20

A three-digit number that estimates how likely you are to repay borrowed money and pay bills

Accepted Answer

credit score

Question 21

Information used by creditors and service providers to determine if you are a good risk for a loan.

Accepted Answer

credit history

Question 22

This is the percentage that will be deducted for state and local taxes.

Accepted Answer

state and local taxes

Question 23

Card lets you pay for items without cash, amount subtracted from your balance.

Accepted Answer

debit card

Question 24

A fee paid by a borrower to the lender for the use of borrowed money.

Accepted Answer

interest

Question 25

Card allows you to purchase things without using cash, with the bill that must be paid in a month.

Accepted Answer

credit card

Question 26

The number on the lower left side of a check giving the electronic number of the bank.

Accepted Answer

bank routing number

Question 27

This is your pay, before any deductions, for the pay period.

Accepted Answer

gross pay

Question 28

A three-digit number that estimates how likely you are to repay borrowed money and pay bills.

Accepted Answer

credit score

Financial Literacy

Questions 28

Financial Literacy

Questions 28