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






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






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






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






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






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






7. The chance that an investment has been misrepresented.






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






9. 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.






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






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






12. The chance or likelihood that something will happen.






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






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






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






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






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






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






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






20. 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.






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






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






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






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






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






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






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






29. Anything subtracted from your gross income.






30. 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.






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






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






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






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






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






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






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






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






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






40. 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.






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






42. 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.






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






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






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






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






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






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






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