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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. Taking risks with personal finances or personal assets






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






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






4. The fee paid for insurance protection.






5. 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.






6. 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.






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






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






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






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






12. 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.






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






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






15. Money earned from investments and employment.






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






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






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






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






20. The chance or likelihood that something will happen.






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






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






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






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. 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.






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






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






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






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






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






32. Taking risks with personal finances or personal assets






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






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






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






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






37. 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.






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






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






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






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






42. 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.






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






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






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






46. Money earned from investments and employment.






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






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






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