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






2. The chance that an investment has been misrepresented.






3. 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.






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






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






6. Taking risks with personal finances or personal assets






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






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






9. The fee paid for insurance protection.






10. The fee paid for insurance protection.






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






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






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






14. The value of the second-best alternative that a person gives up when making one choice instead of another.






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






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






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






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






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






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






21. 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.






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






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






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






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






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






28. 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)






29. The original amount of money deposited or invested.






30. 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.






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






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






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






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






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






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






37. The chance or likelihood that something will happen.






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






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






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






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






42. 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.






43. 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)






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






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






46. Money earned from investments and employment.






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






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






49. 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.






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