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






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






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






4. The chance or likelihood that something will happen.






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






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






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






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






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






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






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






12. The chance or likelihood that something will happen.






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






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






15. Anything subtracted from your gross income.






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






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






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






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






21. Money earned from investments and employment.






22. The original amount of money deposited or invested.






23. Money earned from investments and employment.






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






25. 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.






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






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






28. 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.






29. The chance that an investment has been misrepresented.






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






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






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






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






34. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.






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






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






37. 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.






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






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






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






41. The original amount of money deposited or invested.






42. 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.






43. 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.






44. The chance that an investment has been misrepresented.






45. 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.






46. 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.






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






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






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






50. 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)







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