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






2. 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.






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






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






5. The original amount of money deposited or invested.






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. Costs paid when buying a house or real estate.






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






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






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






11. 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.






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






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






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






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






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






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






18. 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)






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. The chance or likelihood that something will happen.






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






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






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






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






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






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






27. 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)






28. 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.






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






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






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






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






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






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






35. 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.






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






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






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






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






41. 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.






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






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






44. The chance or likelihood that something will happen.






45. Money earned from investments and employment.






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






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






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






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






50. 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.