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DECA Personal Financial Literacy
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DECA Personal Financial Literacy
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25 Questions

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

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

3. the government agency that insures customer deposits if a bank fails up to 250K.

4. Free, public database contains required information about companies by the SEC.

5. 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.

6. executive who has overall responsibility for managing both the revenue and cost elements of a company's income statement, known as profit & loss responsibility

7. The branch of the U.S. Treasury Department in charge of collecting taxes

8. Decision that is made based on feelings or reactions to a situation (like leaving early due to rush hour traffic or buying something that caught your eye in the mall)

9. 1) Identify your financial goals 2) Calculate your net worth 3) Identify your sources of income 4) Assess your resources 5) Save for goals

10. employee stock option plan: a method for employees to purchase the business for which they work

11. Bond issued by the treasure with a 10 year maturity date. Capital gains only taxed federally.

12. A budget in which revenue and spending are equal. | total expenses + savings = total income

13. A limit placed on the quantities of a product that can be imported

14. the amount of expenses that must be paid out of pocket before an insurer will pay any expenses.

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

16. Cash or in-kind benefits given to individuals as outright grants from the government

17. interest earned on both the principal amount and any interest already earned

18. the market in which previously issued securities are traded among investors

19. rating from 300 to 850 that credit granters can use in making a loan approval decision

20. goals set for less than one year (usually less than 3-months)

21. Annual Percentage Yield -the actual annual rate at which interest is earned, including the effects of compounding

22. Form showing amount of taxes withheld from paycheck. Used to file fed and state taxes.

23. Gains (taxed) from selling stocks or other financial investments for more than what was paid for them.

24. the principle that a dollar received today is worth more than a dollar received in the future due to inflation.

25. legal responsibility

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