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






2. 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.






3. The chance or likelihood that something will happen.






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






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






6. The chance that an investment has been misrepresented.






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






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






9. 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.






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






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






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






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






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






15. Taking risks with personal finances or personal assets






16. 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.






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






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






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






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






21. 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.






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






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






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






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






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






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






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






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






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






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






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






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






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






35. 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.






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






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






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






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






40. The chance that an investment has been misrepresented.






41. 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.






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






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






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






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






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






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






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






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






50. 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.