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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 chance that an investment has been misrepresented.






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






3. The original amount of money deposited or invested.






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






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






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






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






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






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






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






11. 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.






12. Anything subtracted from your gross income.






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






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






15. Money earned from investments and employment.






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






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






18. 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.






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






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






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






22. The fee paid for insurance protection.






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






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






25. The chance or likelihood that something will happen.






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






27. 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.






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






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






30. 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.






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






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






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






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






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






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






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






39. The chance or likelihood that something will happen.






40. Payment for the use of someone else's money






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






42. 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)






43. Anything subtracted from your gross income.






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






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






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






47. Taking risks with personal finances or personal assets






48. The fee paid for insurance protection.






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






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