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






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






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






4. 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.






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






6. Anything subtracted from your gross income.






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






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






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






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






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






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






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






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






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






16. Anything subtracted from your gross income.






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 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.






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






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






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






22. 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.






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






24. 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)






25. The original amount of money deposited or invested.






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






42. 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.






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






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






45. The fee paid for insurance protection.






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






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






48. 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.






49. The original amount of money deposited or invested.






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