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






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






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






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






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






6. 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.






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






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






9. Anything subtracted from your gross income.






10. 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.






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






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






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






14. 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.






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






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






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






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






19. The original amount of money deposited or invested.






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






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






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






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






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






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






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






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






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






29. 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.






30. The chance or likelihood that something will happen.






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






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






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






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






35. 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.






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






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






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






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






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






41. 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)






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






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






44. Taking risks with personal finances or personal assets






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






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






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






48. The fee paid for insurance protection.






49. 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)






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