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






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






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






4. The original amount of money deposited or invested.






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






6. 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.






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






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






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






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






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






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






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






14. 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.






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






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






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






19. Taking risks with personal finances or personal assets






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






21. The fee paid for insurance protection.






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






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






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






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






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






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






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






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






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






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






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






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






34. 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.






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






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






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






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






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






40. The chance or likelihood that something will happen.






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






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






43. Money earned from investments and employment.






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






45. 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.






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






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






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






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






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