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






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






3. The original amount of money deposited or invested.






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






5. 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.






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






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






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






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






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






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






12. 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.






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






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






15. 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.






16. 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.






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






18. 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.






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






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






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






22. Anything subtracted from your gross income.






23. 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.






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






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






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






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






28. The chance or likelihood that something will happen.






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






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






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






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






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






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






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






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






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






39. 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)






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






41. 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.






42. 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.






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






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






45. Taking risks with personal finances or personal assets






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






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






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






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






50. Money earned from investments and employment.







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