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Financial Literacy: Getting Started

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Question
Answer
Charitable Donation   generous gift of money or time to a person or organization  
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Fixed Income   same amount of money earned on a set interval basis, such as monthly or quarterly  
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Variable Income   amount of money earned is not the same each pay period  
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Fixed Expense   bill, such as monthly rent, which is the same each month  
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Variable Expense   bill, such as a utility bill, which is a different amount each month  
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Discretionary Expense   money without a specific purpose left over each month after all bills have been paid  
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Take-home Pay   amount of a paycheck one gets to keep after taxes and other deductions are taken out  
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Direct Mail   mail, usually consisting of advertising material and requests for donations, sent to a large number of possible customers or contributors at one time  
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Identity Theft   stealing of a person’s financial information, such as credit cards and Social Security number, with the intent to make purchases under the person’s identity  
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Scam   phony business deal created to get money from people with intention of giving anything in return  
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Solicitations   requests for money, services, donations, etc.  
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Compulsive Behavior   strong, usually irresistible impulse to perform an act against a person’s usual behavior  
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Impulse   sudden, involuntary inclination prompting one to take an action which is not well thought-out  
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Billing Cycle   schedule of recurrent times in any regular system of preparing or sending bills  
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For-profit   (business or institution) initiated or operated for the purpose of making a profit  
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Nonprofit   not established for the purpose of making a profit  
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ATM Withdrawals   cash withdrawn by using a debit card and entering a PIN in an ATM  
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Checkbook Register   log of deposits and withdrawals from a checking account  
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Closing Balance   balance of an account on the day the bank runs the bank statement  
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Deposit   Deposit money put into an account  
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EFT   acronym for electronic fund transfer; money transferred from one account to another without a person having to manually write a check or make a deposit  
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Itemization   specific listing of individual pieces or units of information  
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Opening Balance   (of a statement) balance of an account on a current month’s statement; used as the ending or closing balance in the previous month’s statement  
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Withdrawals   moving money from an account, whether paying expenses, making transfers to other accounts, getting money from an ATM or making purchases  
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Reconciliation   balance bookkeeping account information to be consistent with the bank’s bookkeeping of the same account information  
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Convenience   anything which saves or simplifies work, adds to one’s ease or comfort, etc.  
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Encryption   conversion of a message, information, etc., into code  
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Firewall   integrated collection of security measures designed to prevent unauthorized electronic access to a networked computer system  
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PIN   acronym for personal identification number; number chosen by an account holder which gains access to various accounts  
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Technological-based Services   services which are delivered via a form of technology such as the Internet  
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Created by: 22kadem.layla
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