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






2. 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.






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






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






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






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






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






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






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






10. Money earned from investments and employment.






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






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






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






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. Taking risks with personal finances or personal assets






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






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






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






19. The chance that an investment has been misrepresented.






20. The fee paid for insurance protection.






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






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






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






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






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






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






27. 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.






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






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






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






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






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






33. The chance that an investment has been misrepresented.






34. The fee paid for insurance protection.






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






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






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






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






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






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






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






42. 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.






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






44. 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)






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






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






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






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






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