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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 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.






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






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






4. The chance that an investment has been misrepresented.






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






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






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






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






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






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






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






12. The fee paid for insurance protection.






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






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






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






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






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






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






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






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






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






22. Money earned from investments and employment.






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






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






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






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






27. 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.






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






29. 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.






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






31. 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.






32. 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.






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






34. The chance that an investment has been misrepresented.






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






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






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






38. The original amount of money deposited or invested.






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






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






41. The chance or likelihood that something will happen.






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






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






44. 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.






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






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






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






48. 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.






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






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







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