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






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






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






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






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






6. The fee paid for insurance protection.






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






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






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






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






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






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






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






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






15. Taking risks with personal finances or personal assets






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






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






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






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






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






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






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






23. The fee paid for insurance protection.






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






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






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






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






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






29. 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.






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






31. 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.






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






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






34. 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.






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






36. 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.






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






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






39. 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.






40. 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.






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






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






43. Anything subtracted from your gross income.






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






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






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






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






48. 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)






49. Taking risks with personal finances or personal assets






50. The chance or likelihood that something will happen.







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