Financial Literacy Final Exam Review
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on it to display the answer.
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| Budgeting | show 🗑
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| Salary | show 🗑
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| show | An amount of money paid to an employee at a specified rate per hour worked. If you work more hours, you will be paid more.
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| Gross Pay | show 🗑
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| show | The amount of money you have left, after deductions. Also known as take home pay.
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| Cost Comparison | show 🗑
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| Cost-Benefit Analysis | show 🗑
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| show | Choosing one option that affects whether or not we can make the other choice when making a spending decision.
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| show | Money coming in and money going out
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| show | Expenses that are the same each month. (rent, phone, car)
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| Variable Expense | show 🗑
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| Short Term Goal | show 🗑
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| show | Less than a year to achieve
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| Long Term Goal | show 🗑
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| Income Tax | show 🗑
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| show | Federal and state taxes that all employers must pay, based on a percentage of the employee's salary. They go to such things as Social Security and Medicare/Medicaid
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| show | A percentage of profits paid by a business to the federal and state government.
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| Excise Tax | show 🗑
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| Estate Tax | show 🗑
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| show | A program that provides monthly benefits to almost 60 million Americans, including retirees, military families, surviving families of deceased workers, and disabled individuals.
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| show | A government-run insurance program that provides healthcare assistance to elderly Americans.
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| Medicaid | show 🗑
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| "Safety Net" Programs | show 🗑
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| show | Spending by the federal government required by previously existing laws. This includes funding programs like Social Security and Medicare/Medicaid.
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| show | Spending by the federal government determined by legislative action. In other words, spending approved through votes by elected officials (i.e. Congress).
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| show | A state-sponsored tax that is added to products or services that are seen as vices, such as alcohol, tobacco and gambling
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| show | The amount of money needed to sustain a certain level of living, including basic expenses such as housing, food, taxes, and healthcare
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| show | A tax assessed on real estate by the local government. The tax is usually based on the value of the property (including the land) you own.
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| Vehicle/Property Tax | show 🗑
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| Tax Rate | show 🗑
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| Tax Bracket | show 🗑
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| show | A tax that takes a larger percentage from the income of high-income earners than it does from low-income individuals.
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| show | The amount of income that is used to calculate an individual's or a company's income tax due.
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| Marginal Tax Rate | show 🗑
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| show | The actual rate you pay on your taxes, as a percentage of your overall income.
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| Filing Status | show 🗑
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| show | A dollar amount that reduces your taxable income.
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| Exemption | show 🗑
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| show | A form completed by an employee to indicate his or her tax situation (exemptions, status, etc.) to the employer.
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| show | Form used by an employer to verify an employee's identity and to establish that the worker is eligible to accept employment in the United States.
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| show | Form that an employer must send to an employee and the IRS at the end of the year.
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| show | Form that details all "non-employee" compensation. This includes income for completing specific jobs, like freelancers or contractors who are effectively self-employed.
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| show | The standard Internal Revenue Service (IRS) form that individuals use to file their annual income tax returns.
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| 1040-EZ | show 🗑
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| show | The portion of an employee's wages that is not included in his or her paycheck because it goes directly to federal, state and local tax authorities.
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| show | Employee-claimed exemptions on the W-4 to determine how much of an employee's pay to subtract from his or her paycheck.
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| Paycheck Stub | show 🗑
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| Interest Income | show 🗑
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| show | Profits that an investor gains when he or she sells the capital asset (like a stock, or piece of property) for a price that is higher than the purchase price.
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| show | A distribution of a portion of a company's earnings, decided by the board of directors, to a class of its shareholders.
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| Personal Exemption | show 🗑
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| show | You are allowed one exemption for each person you can claim as a dependent. You can claim an exemption for a dependent even if your dependent files a return.
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| Dependent | show 🗑
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| Audit | show 🗑
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| show | The amount of money you have in your bank account.
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| Cancelled Check | show 🗑
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| Check | show 🗑
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| show | A handy portfolio that holds your check register, checks, deposit slips, receipts, and other ATM/debit card transactions.
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| show | A record that allows you to keep track of checks you have written, ATM/debit card transactions, as well as deposits and withdrawals.
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| Credit | show 🗑
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| show | A sum of money deducted from your account.
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| Debit card | show 🗑
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| Deposit | show 🗑
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| show | A form you fill out to credit money to your account when you make a deposit.
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| show | Your employer automatically deposits your paycheck into your account.
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| Endorse | show 🗑
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| show | A fee paid to you for keeping your money in the account or a fee charged to you for a loan or credit card.
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| show | To write a check or make a withdrawal when there isn't enough money in the account to pay for it.
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| Post-date | show 🗑
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| Reconcile | show 🗑
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| ATM | show 🗑
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| Voided check | show 🗑
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| show | The monthly record of your account transactions sent to you by your bank.
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| PIN | show 🗑
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| show | A card used when opening a new account that includes name, address, birth date, etc.
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| show | The person to whom the check is made payable.
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| show | A check that has been written but not yet deducted from the person's bank account.
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| show | A deposit that has been made but not yet added to the person's bank account.
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| Credit card | show 🗑
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| show | A card that is loaded with a specific cash amount before you use it but then looks and works like a credit card until the full value is spent.
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| show | An online process that allows you to send money directly from your checking account to a friend via email or cell phone.
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| Check cashing store | show 🗑
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| Bank Statement | show 🗑
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| show | a certificate from a bank stating that the named party has a specified sum on deposit, usually for a given period of time at a fixed rate of interest
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| compound interest | show 🗑
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| emergency fund | show 🗑
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| Federal Deposit Insurance Corporation (FDIC) | show 🗑
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| National Credit Union Administration (NCUA) | show 🗑
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| show | strategy for saving for the future by putting money aside before paying regular monthly bills
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| show | original amount of money saved or invested, separate from interest or earnings
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| simple interest | show 🗑
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| money market savings account | show 🗑
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| direct deposit | show 🗑
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| wealth | show 🗑
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| show | A type of account in which you can use pre-tax dollars to pay for out-of-pocket health care expenses.
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| inflation | show 🗑
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| show | Any arrangement where you get "stuff" (money, goods, services), and agree to pay for it in the future
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| show | An agreement where you are credited with a fixed amount (usually of money) for a fixed period of time, usually with interest
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| show | The percentage charged for the privilege of borrowing money
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| Principal | show 🗑
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| show | The amount of time you have to repay your principal
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| show | Something valuable that the lender can take as payment if you can't pay back your loan (like a house or car)
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| show | Someone who legally agrees to take responsibility for a person's debt if they cannot repay it
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| show | Loan used to finance a specific purchase for a specific amount of time; regular payments pay the interest and portion of the principal
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| Revolving credit | show 🗑
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| show | Debt tied to a specific tangible asset that can be used as collateral and repossessed if payments are not made
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| show | Debt NOT tied to a specific asset or that cannot be repossessed if payments are not made
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| show | Interest rate can change, based on prime rate or index rate, over the course of the loan
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| Fixed-rate loan | show 🗑
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| show | The paying off debt with a fixed repayment schedule in regular installments over a period of time
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| Credit Card | show 🗑
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| show | A table that appears in credit card agreements showing basic information about the card's rates and fees.
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| show | The annual rate that is charged for borrowing (or made by investing), expressed as a single percentage number that represents the actual yearly cost of funds over the term of a loan.
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| show | The number of days between a consumer's credit card statement date and payment due date when interest does not accrue.
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| Minimum Payment | show 🗑
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| show | Higher interest rates that can be triggered by the slightest infraction such as just one payment that is received a day late.
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| Balance Transfer | show 🗑
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| show | When the bank takes money off of your current credit card, it typically carry a high interest rate - even higher than credit card itself - and the interest begins to accrue immediately.
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| Authorized User | show 🗑
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| Secured Credit Card | show 🗑
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| show | The buyer and dealer enter into a contract where the buyer purchases a vehicle and agrees to pay, over a period of time, the amount financed plus a finance charge.
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| Down Payment | show 🗑
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| show | A contract by which one party (like a car dealer) conveys property (like a car), to another (like a customer) for a specified time, usually in return for a periodic payment.
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| show | A student loan that the federal government pays interest on as long as the student is in school half-time.
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| Unsubsidized Direct Loans | show 🗑
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| Direct PLUS Loans | show 🗑
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| show | A loan that combines two or more education loans into a single loan, allowing the borrower to make a single monthly payment.
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| Mortgage | show 🗑
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| Fixed-Rate Mortgage | show 🗑
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| Adjustable-Rate Mortgage (ARM) | show 🗑
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| Home Equity | show 🗑
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| Home-Equity Loan | show 🗑
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| Home Equity Line of Credit (HELOC) | show 🗑
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| show | A company that collects and sells information about how people handle credit. The three major national credit bureaus are Equifax, Experian and TransUnion.
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| Credit History | show 🗑
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| show | A document containing financial information about a person, focusing on his or her history of paying obligations, such as mortgages, car payments, utility bills and credit cards.
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| Credit Score | show 🗑
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| show | An item on a person's credit report that indicates that someone has asked for a copy of the individual's report.
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| show | The most commonly used credit score. The name comes from the Fair Isaac Corporation,
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| Default | show 🗑
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| Collections | show 🗑
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| show | A measurement of the sum of the value of your possessions, account balances, and cash less the debt you owe to others.
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| show | A measurement of the fraction of your available credit that you are currently using
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| High rate method | show 🗑
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| Debt snowball method | show 🗑
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| Credit counselor | show 🗑
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| Bankruptcy | show 🗑
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| show | A formal request from the customer to an insurance company asking for a payment based on the terms of the insurance policy
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| show | Auto insurance that protects you against costs to repair your own vehicle after a crash
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| show | A set dollar amount you agree to pay each time you receive medical treatment, while the insurance company agrees to cover the rest
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| Deductible | show 🗑
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| show | An agreement where you make regular payments to a company and the company promises to pay you money if you suffer an injury, illness, loss, etc
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| Liability Coverage | show 🗑
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| Quote | show 🗑
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| show | A situation involving exposure to danger, harm, or loss
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| show | A security in which the investor loans money to a company or government, which then pays regular interest to the bondholder and returns the principal on the bond's maturity date
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| Rate Of Return | show 🗑
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| show | Profit from the sale of an asset, such as a stock or a bond, calculated by subtracting the price you initially paid from the price you then sold it for
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| Dividend | show 🗑
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| show | An investing tool for individuals to earmark funds specifically for their retirement
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| show | A collection of stocks and/or bonds combined into one fund which will be traded as a unit, typically chosen and actively managed by an "expert" in exchange for a fee from each investor
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| show | A retirement account, offered in some job sectors or companies, that an employer maintains to give an employee a fixed payout at retirement
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| Risk (stocks) | show 🗑
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| Stock | show 🗑
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