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Financial Literacy Vocab

Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Someone who knowingly deceives you for their own personal gain.






2. The fee paid for insurance protection.






3. The value of the second-best alternative that a person gives up when making one choice instead of another.






4. A company that makes loans for the purchase of a house or other real estate.






5. A person or company to whom money is owed.






6. Taking risks with personal finances or personal assets






7. Using a person's name or personal information without the person's permission to steal money or get other benefit.






8. A written contract specifying the terms for the use of an asset and the legal responsibilities of both parties to the agreement & such as a property owner and tenant.






9. A legal organization providing services or activities without commercial or monetary gain.






10. A measure of the uncertainty of an investment's rate of return; possible losses.






11. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.






12. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.






13. Using a person's name or personal information without the person's permission to steal money or get other benefit.






14. A company that makes loans for the purchase of a house or other real estate.






15. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.






16. A plastic card used to deduct a purchase amount directly from your checking account.






17. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.






18. Costs paid when buying a house or real estate.






19. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.






20. How fast money in savings account or investment grows.






21. A non-cash contribution to a charitable organization which can be given a cash value.






22. A contract between an individual and an insurance company where the individual makes a payments that are invested by the company and repaid to the individual at a later date & generally during retirement.






23. A written contract specifying the terms for the use of an asset and the legal responsibilities of both parties to the agreement & such as a property owner and tenant.






24. A plastic card used to deduct a purchase amount directly from your checking account.






25. A measure of creditworthiness based on an analysis of the consumer's financial history & often computed as a numerical score & using the FICO or other scoring systems to analyze the consumer's credit.






26. A measure of the uncertainty of an investment's rate of return; possible losses.






27. An establishment that collects and distributes credit history info. of individuals & business.






28. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.






29. A legal organization providing services or activities without commercial or monetary gain.






30. A contract between an individual and an insurance company where the individual makes a payments that are invested by the company and repaid to the individual at a later date & generally during retirement.






31. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.






32. Payment for the use of someone else's money






33. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.






34. A tax that takes a larger percentage of income from people in higher-income groups than from people in lower-income ones; (Example - U.S. federal income tax)






35. Money earned from investments and employment.






36. Someone who knowingly deceives you for their own personal gain.






37. The length of time & in years that it takes an amount of money saved to double when it receives compound interest. This length of time can be found by dividing the interest rate into 72.






38. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.






39. A non-cash contribution to a charitable organization which can be given a cash value.






40. A person who owns property and rents it to another.






41. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.






42. The value of the second-best alternative that a person gives up when making one choice instead of another.






43. The percentage of the costs of medical services paid by the patient.






44. A person who pays rent; the legal name for a renter.






45. Taking risks with personal finances or personal assets






46. A plan for managing money & dividing up expected income and expenses among spending and saving options based on personal goals during a given time period.






47. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.






48. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.






49. An establishment that collects and distributes credit history info. of individuals & business.






50. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.