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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 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.






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






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






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






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






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






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






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






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






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






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






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






13. 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)






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






15. 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.






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






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






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






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






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






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






22. 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.






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






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






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






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






27. Taking risks with personal finances or personal assets






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






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






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






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






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






33. Money earned from investments and employment.






34. 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.






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






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






37. The chance or likelihood that something will happen.






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






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






40. 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.






41. Anything subtracted from your gross income.






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






43. The fee paid for insurance protection.






44. The fee paid for insurance protection.






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






48. 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.






49. The chance or likelihood that something will happen.






50. 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.







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