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






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






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






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






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






6. 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.






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






8. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).






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






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






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






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






13. 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)






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






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






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






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






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






19. An agreement to provide goods & services & or money in exchange for future payments with interest by a specific date or according to a specific schedule.






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






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






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






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






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






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






26. A bank or credit union account that allows withdrawals by writing a check.






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






28. The chance or likelihood that something will happen.






29. 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.






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






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






32. 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)






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






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






35. 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.






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






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






39. Taking risks with personal finances or personal assets






40. A federal system of old-age & survivors' & disability & and hospital care (Medicare) insurance which requires employers to withhold wages from employees' paychecks and deposit that money in designated accounts.






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






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






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






44. Money earned from investments and employment.






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






46. 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.






47. A purposeful course of action or purpose in life that generally provides income






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






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






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