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






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






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






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






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






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






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






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






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






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






11. 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.






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






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






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






15. Taking risks with personal finances or personal assets






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






17. The fee paid for insurance protection.






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






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






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






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






22. 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.






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






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






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






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






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






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






29. 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.






30. 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.






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






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






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






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






35. Taking risks with personal finances or personal assets






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






37. Money earned from investments and employment.






38. 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.






39. The chance that an investment has been misrepresented.






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






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






42. The fee paid for insurance protection.






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






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






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






46. The original amount of money deposited or invested.






47. 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)






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






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






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







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