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






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






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






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






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






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






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






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






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






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






11. Taking risks with personal finances or personal assets






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






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






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






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






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






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






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






19. The fee paid for insurance protection.






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






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






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






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






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






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






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






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






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






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






30. The chance or likelihood that something will happen.






31. 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.






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






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






34. 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.






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






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






37. 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.






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






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






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






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






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






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






44. The original amount of money deposited or invested.






45. The chance or likelihood that something will happen.






46. Taking risks with personal finances or personal assets






47. 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)






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






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






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