FREE FINANCE AND STUDY GAMES ABOUT FINANCIAL

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FREE FINANCE AND STUDY GAMES ABOUT FINANCIAL

LITERACY EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -27 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: bank

Answer:

an institution for receiving, lending, exchanging, and safeguarding money and, in some cases, issuing notes and transacting other financial business

Question 2: tax

Answer:

a sum of money demanded by a government for its support or for specific facilities or services

Question 3: withdrawal

Answer:

to take money out of a bank account

Question 4: debt

Answer:

an obligation to pay something...something that is owed

Question 5: budget

Answer:

a plan for how money will be spent or allocated

Question 6: insurance

Answer:

protecting property or one's life against loss or harm arising in specified events such as; fire, accident, death, disablement, etc. and for a payment proportionate to the risk involved

Question 7: deductible

Answer:

the amount the insured has to pay on each loss or injury before the insurance company will pay anything

Question 8: liability

Answer:

money or debts owed

Question 9: loan

Answer:

the act of lending

Question 10: gross income

Answer:

total revenue received before any deductions or allowances are taken out

Question 11: liability insurance

Answer:

the type of insurance that covers the insured in case of legal responsibility for damage caused by an automobile

Question 12: asset

Answer:

items of ownership that can be sold

Question 13: deposit

Answer:

to put money into a bank or other financial institution

Question 14: finance

Answer:

to supply with money or credit for a purchase, usually for a fixed amount of time and interest.

Question 15: lease

Answer:

to grant the temporary possession or use of land, car, apartment, etc. to another, usually for a fixed amount of time and money.

Question 16: utilities

Answer:

a public service such as electrical, natural gas, or telephone service

Question 17: insurance coverage

Answer:

the total amount and type of insurance purchased by someone

Question 18: interest

Answer:

a charge made for borrowing money, or a payment made by a bank for the use of money deposited in an account

Question 19: debit card

Answer:

a plastic card that resembles a credit card, but functions like a check and through which payments for purchases or services are made electronically

Question 20: credit union

Answer:

a cooperative group that makes loans to its members at low rates of interest

Question 21: collision insurance

Answer:

the type of insurance protecting an automobile owner against loss or damage to the vehicle resulting from a collision or other accident.

Question 22: invest

Answer:

to spend money on something in the hope of a future return or benefit

Question 23: comprehensive insurance

Answer:

the type of insurance which pays to repair or replace the owner's vehicle and personal property inside of it if damaged or lost due to something such as fire, theft, flood, or vandalism

Question 24: net income

Answer:

the balance of gross income remaining after all allowable deductions and exemptions are taken

Question 25: landlord

Answer:

a person or organization that owns and leases apartments to others

Question 26: personal property

Answer:

an estate or property consisting of movable articles such as furniture, jewelry, stocks or bonds

Question 27: real property

Answer:

an estate or property consisting of lands and buildings, crops, or mineral rights on that land