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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. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)






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






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






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






5. Taking risks with personal finances or personal assets






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






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






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






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






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






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






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






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






14. 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.






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






32. 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)






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






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






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






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






37. 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.






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






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






40. The chance or likelihood that something will happen.






41. 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.






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






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






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






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






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






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






48. 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.






49. 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.






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







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