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






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






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






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






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






6. 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.






7. 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.






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






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






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






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






12. Taking risks with personal finances or personal assets






13. The chance or likelihood that something will happen.






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






15. Money earned from investments and employment.






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






17. The chance that an investment has been misrepresented.






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






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






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






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






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






23. The original amount of money deposited or invested.






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






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






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






27. 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.






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






29. 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.






30. 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.






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






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






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






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






35. Money earned from investments and employment.






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






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






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






39. 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.






40. 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.






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






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






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






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






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






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






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






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






49. The chance that an investment has been misrepresented.






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