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






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






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






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






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






6. 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.






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






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






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






10. 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.






11. 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.






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






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






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






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






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






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






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






19. Anything subtracted from your gross income.






20. The chance that an investment has been misrepresented.






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






22. Anything subtracted from your gross income.






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






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






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






26. 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.






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






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






29. Money earned from investments and employment.






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






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






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






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






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






35. 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.






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






37. The original amount of money deposited or invested.






38. 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.






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






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






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






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






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






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






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






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






47. 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)






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






49. The original amount of money deposited or invested.






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