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






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






3. Taking risks with personal finances or personal assets






4. 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.






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






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






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






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






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






10. 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.






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






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






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






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






15. Anything subtracted from your gross income.






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






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






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






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






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






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






22. The original amount of money deposited or invested.






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






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






25. The chance or likelihood that something will happen.






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






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






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






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






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






31. 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.






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






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






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






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






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






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






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






39. Money earned from investments and employment.






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






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






42. 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.






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






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






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






46. 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.






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






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






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






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