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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. 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.






3. The fee paid for insurance protection.






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






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






6. 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.






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






8. 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.






9. 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.






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






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






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






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






14. The chance that an investment has been misrepresented.






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






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






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






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






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






21. 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.






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






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






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






25. Money earned from investments and employment.






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






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






28. Anything subtracted from your gross income.






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






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






31. The chance or likelihood that something will happen.






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






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






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






35. 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.






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






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






38. 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.






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






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






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






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






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






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






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






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






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






48. The chance or likelihood that something will happen.






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






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