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






2. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)






3. An amount of money that the member or insured pays directly to a provider at the time services are rendered.






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






5. Anything subtracted from your gross income.






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






7. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.






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






9. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).






10. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends






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






12. The chance that an investment has been misrepresented.






13. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.






14. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)






15. Wages or salary before deductions for taxes and other purposes.






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






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






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






19. A long-term loan to buy real estate including land and the structures on it.






20. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.






21. 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)






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






23. The chance that an investment has been misrepresented.






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






25. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.






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






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






28. The original amount of money deposited or invested.






29. The act of giving to charitable organizations or to those in need.






30. An amount of money that the member or insured pays directly to a provider at the time services are rendered.






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






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






33. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends






34. 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.






35. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)






36. Money earned from investments and employment.






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






38. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.






39. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.






40. An official record of a borrower's credit history & including such information as the amount and type of credit used & outstanding balances & and any delinquencies & bankruptcies & or tax liens.






41. A set of principles or beliefs that govern an individual's actions.






42. 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.






43. Taking risks with personal finances or personal assets






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






45. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).






46. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.






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






48. Someone who rummages through your trash looking for bills or other paper with your personal information on it.






49. A retirement plan that allows employees in private companies to make contributions of pre-tax dollars to a company pool that is then invested in stocks & bonds & or money markets.






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