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






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






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






4. 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.






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






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






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






8. 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.






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






10. 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.






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






12. The fee paid for insurance protection.






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






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






15. The original amount of money deposited or invested.






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






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






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






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






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






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






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






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






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






25. The chance that an investment has been misrepresented.






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






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






28. Money earned from investments and employment.






29. 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)






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






31. 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.






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






33. 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.






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






35. 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.






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






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






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






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






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






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






42. Anything subtracted from your gross income.






43. The chance or likelihood that something will happen.






44. 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)






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






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






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






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






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






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







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