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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. Anything subtracted from your gross income.






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






3. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.






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






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






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






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






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






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






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






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






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






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






14. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.






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






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. 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.






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






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






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






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






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






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






24. 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.






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






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






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






28. 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.






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






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






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






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






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






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






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






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






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






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






39. 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.






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






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






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






43. 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.






44. The chance or likelihood that something will happen.






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






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






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






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






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






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