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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 knowingly deceives you for their own personal gain.






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






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






5. 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.






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






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






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






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






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






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






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






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






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






15. 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.






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






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






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






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






20. 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.






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






22. The chance that an investment has been misrepresented.






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






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






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






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






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






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






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






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






31. The chance or likelihood that something will happen.






32. Anything subtracted from your gross income.






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






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






35. 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.






36. The chance that an investment has been misrepresented.






37. 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.






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






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






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






41. 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.






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






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






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






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






46. 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.






47. 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.






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






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






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