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






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






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






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






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






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






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






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






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






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






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






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






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






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






15. The fee paid for insurance protection.






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






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






18. The chance that an investment has been misrepresented.






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






20. The fee paid for insurance protection.






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






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






23. 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.






24. 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.






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






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






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. 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.






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






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






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






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






33. 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.






34. 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.






35. The original amount of money deposited or invested.






36. 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)






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






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






39. 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.






40. 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.






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






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






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






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






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






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






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






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






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






50. Money earned from investments and employment.