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






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






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






4. 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.






5. Money earned from investments and employment.






6. 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)






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






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






9. The chance or likelihood that something will happen.






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






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






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






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






14. Taking risks with personal finances or personal assets






15. The original amount of money deposited or invested.






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






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






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






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






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






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






22. 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.






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






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






25. 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.






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






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






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






29. 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.






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






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






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






33. The fee paid for insurance protection.






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






35. 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.






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






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






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






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






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






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






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






43. Taking risks with personal finances or personal assets






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






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






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






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






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






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






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