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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 fee paid for insurance protection.






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






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






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






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






6. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.






7. 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.






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






9. Taking risks with personal finances or personal assets






10. 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.






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






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






13. 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.






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






15. Money earned from investments and employment.






16. The fee paid for insurance protection.






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






18. 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)






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






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






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






22. 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.






23. Money earned from investments and employment.






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






42. Anything subtracted from your gross income.






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






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






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






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






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






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






49. 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.






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