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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. The fee paid for insurance protection.






2. Money earned from investments and employment.






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






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






5. A written contract specifying the terms for the use of an asset and the legal responsibilities of both parties to the agreement & such as a property owner and tenant.






6. 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.






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






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






9. 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)






10. A written contract specifying the terms for the use of an asset and the legal responsibilities of both parties to the agreement & such as a property owner and tenant.






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






12. Anything subtracted from your gross income.






13. 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.






14. 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.






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






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






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






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






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






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






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






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






23. Taking risks with personal finances or personal assets






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






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






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






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






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






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






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






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






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






33. 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)






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






35. 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.






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






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






38. Money earned from investments and employment.






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






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






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






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






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






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






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






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






47. The chance that an investment has been misrepresented.






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






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






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