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






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






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






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






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






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






8. 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.






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






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






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






12. The fee paid for insurance protection.






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






14. 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.






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






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






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






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






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






20. 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)






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






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






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






24. 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.






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






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






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






28. 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.






29. 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.






30. The chance or likelihood that something will happen.






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






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






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






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






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






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






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






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






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






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






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






42. Money earned from investments and employment.






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






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






45. The fee paid for insurance protection.






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






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






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






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






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