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






2. The chance that an investment has been misrepresented.






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






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






5. 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.






6. 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.






7. The fee paid for insurance protection.






8. 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.






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






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






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






12. The fee paid for insurance protection.






13. The chance or likelihood that something will happen.






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






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






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






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






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






19. 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.






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






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






22. 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.






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






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






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






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






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






28. 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.






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






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






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






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






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






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






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






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






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






38. The chance or likelihood that something will happen.






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






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






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






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






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






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






45. 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.






46. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.






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






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






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






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