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






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






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






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






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






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






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






8. A non-cash contribution to a charitable organization which can be given a cash value.






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






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






11. Anything subtracted from your gross income.






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






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






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






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






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






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






18. 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.






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






20. 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.






21. 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.






22. 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.






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






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






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






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






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






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






29. 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.






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






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






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






33. 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.






34. 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.






35. 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.






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






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






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






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






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






41. The original amount of money deposited or invested.






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






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






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






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






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






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






48. 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.






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






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