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






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






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






4. Taking risks with personal finances or personal assets






5. The fee paid for insurance protection.






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






7. 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.






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






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






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






11. 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.






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






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






14. 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)






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






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






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






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






19. Money earned from investments and employment.






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






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






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






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






24. 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.






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






26. 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.






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






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






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






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






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






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






33. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.






34. 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.






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






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






37. 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.






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






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






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






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






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






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






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






45. 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.






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






47. The original amount of money deposited or invested.






48. Taking risks with personal finances or personal assets






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






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