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






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






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






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






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






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






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






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






9. Anything subtracted from your gross income.






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






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






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






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






14. 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.






15. 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.






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






17. The fee paid for insurance protection.






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






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






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






21. Taking risks with personal finances or personal assets






22. 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.






23. The chance or likelihood that something will happen.






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






25. 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.






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






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






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






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






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






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






32. 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.






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






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






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






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






37. Money earned from investments and employment.






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






39. 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.






40. Money earned from investments and employment.






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






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






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






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






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






46. 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.






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






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






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






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