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






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






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






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






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






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






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






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






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






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






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






13. 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.






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






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






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






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






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






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






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






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






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






23. 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.






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






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






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






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






28. 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.






29. 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.






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






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






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






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






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






35. The chance or likelihood that something will happen.






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






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






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






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






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






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






42. Money earned from investments and employment.






43. The fee paid for insurance protection.






44. 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.






45. The original amount of money deposited or invested.






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






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






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






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






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