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






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






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






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






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






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






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






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






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






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






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






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






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






14. 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.






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






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






17. 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)






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






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






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






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






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






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






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






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






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






27. Money earned from investments and employment.






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






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






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






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






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






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






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






35. 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.






36. 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.






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






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






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






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






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






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






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






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






45. 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.






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






47. Anything subtracted from your gross income.






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






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