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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 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)






2. The original amount of money deposited or invested.






3. Money earned from investments and employment.






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






5. Taking risks with personal finances or personal assets






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






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






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






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






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






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






12. The chance or likelihood that something will happen.






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






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






15. Taking risks with personal finances or personal assets






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






17. 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.






18. The original amount of money deposited or invested.






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






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






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






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






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






24. 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.






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






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






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






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






29. The chance that an investment has been misrepresented.






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






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






32. 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.






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






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






35. 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.






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






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






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






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






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






41. The chance that an investment has been misrepresented.






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






43. 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.






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






45. The fee paid for insurance protection.






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






47. 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.






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






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






50. 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.