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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






17. 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.






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






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






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






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






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






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






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






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






26. The fee paid for insurance protection.






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






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






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






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






31. Taking risks with personal finances or personal assets






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






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






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






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






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






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






39. 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.






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






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






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






43. The chance that an investment has been misrepresented.






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






45. 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.






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






47. The chance that an investment has been misrepresented.






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






49. 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.






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