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






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






3. The chance or likelihood that something will happen.






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






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






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






7. Money earned from investments and employment.






8. 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.






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






10. 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.






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






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






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






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






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






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






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






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






19. The chance that an investment has been misrepresented.






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






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






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






23. 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.






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






25. 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.






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






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






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






29. 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.






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






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






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






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






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






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






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






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






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






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






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






41. 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.






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






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






44. 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.






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






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






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






48. 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.






49. 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.






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







Sorry!:) No result found.

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