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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






17. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.






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






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






20. 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.






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






22. 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.






23. 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.






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






25. 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.






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






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






28. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.






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






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






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






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






33. Anything subtracted from your gross income.






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






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






36. 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.






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






38. 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.






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






40. 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.






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






42. 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.






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






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






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






46. 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.






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






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






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






50. The original amount of money deposited or invested.