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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. How fast money in savings account or investment grows.






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






3. The chance or likelihood that something will happen.






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






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






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






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






8. The fee paid for insurance protection.






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






10. Anything subtracted from your gross income.






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






12. Anything subtracted from your gross income.






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






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






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






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






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






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






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






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. The chance or likelihood that something will happen.






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






23. 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.






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






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






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






27. Taking risks with personal finances or personal assets






28. The original amount of money deposited or invested.






29. 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.






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






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






33. 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.






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






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






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






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






38. 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.






39. The chance that an investment has been misrepresented.






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






41. The original amount of money deposited or invested.






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






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






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






45. 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)






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






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






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