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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. 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.






3. 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.






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






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






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






8. The original amount of money deposited or invested.






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






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






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






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






13. 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.






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






15. 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.






16. 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.






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






18. Money earned from investments and employment.






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






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






21. 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.






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






23. The chance that an investment has been misrepresented.






24. 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.






25. The chance or likelihood that something will happen.






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






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






28. Anything subtracted from your gross income.






29. Taking risks with personal finances or personal assets






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






31. 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)






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






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






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






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






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






37. The original amount of money deposited or invested.






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






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






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






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






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






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






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






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






46. The chance or likelihood that something will happen.






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






48. 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.






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






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