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






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






3. The chance or likelihood that something will happen.






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






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






6. 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.






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






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






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






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






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






12. Taking risks with personal finances or personal assets






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






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






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






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






17. 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.






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






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






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. The chance or likelihood that something will happen.






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






23. The fee paid for insurance protection.






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






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






26. 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.






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






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






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






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






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






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






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






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






35. The fee paid for insurance protection.






36. 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.






37. 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.






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






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






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






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






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






43. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.






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






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






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






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






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






50. Anything subtracted from your gross income.