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






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






3. 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.






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






5. Anything subtracted from your gross income.






6. 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.






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






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






9. 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.






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






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






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






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






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






15. 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)






16. 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.






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






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






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






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






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






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






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






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






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






26. 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.






27. 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.






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






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






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






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






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






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






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






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






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






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






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






39. 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.






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






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






42. 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.






43. 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.






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






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






46. 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.






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






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






49. Money earned from investments and employment.






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