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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 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.






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






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






4. Money earned from investments and employment.






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






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






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






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






10. 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.






11. 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.






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






13. 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.






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






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






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






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






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






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






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






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






22. 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.






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






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






25. The chance that an investment has been misrepresented.






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






27. 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.






28. 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.






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






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






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






32. Taking risks with personal finances or personal assets






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






34. The original amount of money deposited or invested.






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






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






37. 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)






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






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






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






41. The chance or likelihood that something will happen.






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






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






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






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






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






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






48. The fee paid for insurance protection.






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






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







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