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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. 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.






3. 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.






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






5. 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)






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






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






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






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






10. The original amount of money deposited or invested.






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






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






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






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






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






16. Taking risks with personal finances or personal assets






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






18. Anything subtracted from your gross income.






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






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






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






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






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






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






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






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






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






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






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






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






31. 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.






32. 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.






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






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






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






36. Taking risks with personal finances or personal assets






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 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.






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






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






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






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






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






44. 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.






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






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






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






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






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






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