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






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






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






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






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. 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.






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






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






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






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






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






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






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






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






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






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. The original amount of money deposited or invested.






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






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






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






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






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






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






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






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






26. 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.






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






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






29. 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.






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






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






32. Taking risks with personal finances or personal assets






33. The chance that an investment has been misrepresented.






34. 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.






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






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. 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.






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






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






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






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






42. 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.






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






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






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






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






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






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






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






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