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






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






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






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






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






6. The chance or likelihood that something will happen.






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






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






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






10. 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.






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






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






13. 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.






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






15. 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.






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






17. 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.






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






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






20. The fee paid for insurance protection.






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






22. 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.






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






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






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. Anything subtracted from your gross income.






27. The chance or likelihood that something will happen.






28. 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.






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






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






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






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






33. Money earned from investments and employment.






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






36. The fee paid for insurance protection.






37. The chance that an investment has been misrepresented.






38. Taking risks with personal finances or personal assets






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






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






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






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






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. Money earned from investments and employment.






45. 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)






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






47. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)






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






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






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