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Financial Literacy State Test Review Questions with Latest Update
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  • Course
  • Financial Literacy
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  • Financial Literacy

Amortization - Answer-Payment of a portion of the principle of a mortgage loan, reducing or amortizing the mortgage amount. Annual Percentage Rate - Answer-The total annual percentage amount it will cost a person to use credit. Asset - Answer-Any items of value that people own, including cash...

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  • October 13, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • financial literacy state test review questions wit
  • amortization answer payment of a portion of the

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  • Financial Literacy
  • Financial Literacy

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Financial Literacy State Test Review
Questions with Latest Update
Amortization - Answer-Payment of a portion of the principle of a mortgage loan,
reducing or amortizing the mortgage amount.

Annual Percentage Rate - Answer-The total annual percentage amount it will cost a
person to use credit.

Asset - Answer-Any items of value that people own, including cash, property, personal
possessions, and investments.

Automobile Insurance - Answer-Insurance purchased for cars, trucks, and other road
vehicles. Its primary use is to provide protection against physical damage and/or bodily
injury resulting from traffic collisions and against liability that could also arise therefrom.

Bank - Answer-An institution that handles savings and checking accounts, issues loans
and credit, and deals in government and corporate issued securities.

Bankruptcy - Answer-A legal process to get out of debt when you can no longer make
all your required payment.

Beneficiary - Answer-The person designated to receive the benefits of the policy upon
the death of another individual.

Benefit - Answer-Something the company offers besides a paycheck.

Bond - Answer-A certificate of debt that is issued by a government or corporation in
order to raise money with a promise to pay a specified sum of money at a fixed time in
the future and carrying interest at a fixed rate.

Borrowing - Answer-Obtaining funds from a lender.

Budget - Answer-A plan for spending and saving money based on a person's goals
during a given time period.

Career - Answer-A life-work chosen by a person to use personal talent, provide some
service or goods, earn money, and contribute to society.

Charitable Giving - Answer-A gift made by an individual or an organization to a nonprofit
organization, charity or private foundation. Charitable donations are commonly in the
form of cash, but can also take the form of real estate, motor vehicles, clothing and
other assets or services.

, Checking Account - Answer-A transaction deposit account at a financial institution that
that allows consumers to make deposit and withdrawals. Money that is in a checking
account is very liquid, meaning it can be easily accessed. It can be withdrawn using
checks, automated cash machines and electronic debits.

Claim - Answer-A formal request made to an insurance company for payment for a loss.

Collateral - Answer-A form of security to help guarantee that a creditor will be repaid.

Compound Interest - Answer-Interest which is calculated not only on the initial principal
but also the accumulated interest of prior periods.

Consumer - Answer-A person who purchases and uses goods or services.

Co-signer - Answer-Agreeing to be responsible for loan payments if the borrower fails to
make them.

Cost of Living - Answer-Cost of food, transportation, housing, and other expenses.

Credit - Answer-An arrangement to receive cash, goods, or services now and pay for
them in the future.

Credit Bureau - Answer-Company that collects information about your credit history and
sells it to lenders. (Equifax (www.equifax.com), Trans Union (www.transunion.com),
Experian (www.experian.com)

Credit Card - Answer-A plastic card that can be used by the holder to make purchases
or obtain cash advances using a line of credit made available by the card-issuing
financial institution.

Credit Rating - Answer-A measure of a person's ability and willingness to make credit
payments on time.

Credit Report - Answer-A record that lists all past and present debts and the timeliness
of their repayment; it documents an individual's credit history.

Credit Score - Answer-A number, generally between 300 and 800, that reflects the
credit history shown in a borrower's credit report. This score is considered predictive of
the borrower's future credit performance.

Credit Union - Answer-A cooperative financial institution, chartered by a state or federal
government, which is member-owned. Credit Unions serve groups that share something
in common, such as where they work, live, or go to church.

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