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DECA Personal Financial Literacy Exam Questions with Latest Update
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  • Course
  • Financial Literacy
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  • Financial Literacy

Comparison shopping - Answer-judging the benefits of different products by comparing several factors before purchase Purchasing power - Answer-the real goods and services that money can buy; determines the value of money. Fixed expenses - Answer-Expenses that do not change from month to month...

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  • October 12, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • deca personal financial literacy exam questions wi
  • comparison shopping answer judging the benefits

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  • Financial Literacy
  • Financial Literacy

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DECA Personal Financial Literacy Exam
Questions with Latest Update
Comparison shopping - Answer-judging the benefits of different products by comparing
several factors before purchase

Purchasing power - Answer-the real goods and services that money can buy;
determines the value of money.

Fixed expenses - Answer-Expenses that do not change from month to month, such as
auto insurance or rent.

Mandatory Paycheck Deductions - Answer-Federal Income Tax, State Income Tax,
FICA (Social Security and Medicare), Wage Garnishments.

Federal Reserve System (Fed) - Answer-US central bank that sets monetary policy and
regulates banking system

Securities and Exchange Commission (SEC) - Answer-an independent federal agency
that oversees the exchange of securities to protect investors

Internal Revenue Service (IRS) - Answer-The branch of the U.S. Treasury Department
in charge of collecting taxes

Consumer Financial Protection Bureau - Answer-Fairness and transparency in
consumer financial products and services

Time value of money - Answer-the principle that a dollar received today is worth more
than a dollar received in the future due to inflation.

Long-term debt - Answer-a liability that falls due beyond one year from the date of the
financial statements

Opportunity cost - Answer-The loss of potential gain from other alternatives when one
alternative is chosen.
Whatever must be given up to obtain some item

Balanced budget - Answer-A budget in which revenue and spending are equal.
total expenses + savings = total income

Simple interest - Answer-interest paid on the principal alone
I=prt

APY - Answer-Annual Percentage Yield -

, the actual annual rate at which interest is earned, including the effects of compounding

Compound interest - Answer-interest earned on both the principal amount and any
interest already earned

FAFSA - Answer-Free Application for Federal Student Aid -
main application students use to apply for federal education grants and loans (financial
aid)

Federal Deposit Insurance Corporation (FDIC) - Answer-the government agency that
insures customer deposits if a bank fails up to 250K.

Paying yourself first - Answer-The concept of setting aside a portion of your income for
savings before spending any of it

Your credit past is your credit future - Answer-credit bureaus maintain credit reports,
which record borrowers' histories of repaying loans and credit. Negative information in
credit reports will adversely affect your ability to borrow at a later point.

Capital gains - Answer-Gains (taxed) from selling stocks or other financial investments
for more than what was paid for them.

Certificate of deposit - Answer-a savings certificate that gains interest and has a set
time before you can withdraw your money (if you do early, you are penalized)

bank check - Answer-a certified check or a cashier's check, the payment for which a
bank is solely or primarily liable. Good as cash.

personal check - Answer-a check drawn against funds deposited in your personal
checking account

promissory note - Answer-a written contract with a promise to pay a supplier a specific
sum of money at a definite time

ATM cards - Answer-Allows person to deposit and withdraw money from their account
at an atm

overdraft protection - Answer-an automatic loan made to an account if the balance will
not cover checks written

amortization - Answer-the reduction of a loan balance through payments made over a
period of time

barter - Answer-Exchange goods without involving money.

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