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






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






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






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






5. Taking risks with personal finances or personal assets






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






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






8. 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.






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






10. Money earned from investments and employment.






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






12. 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.






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






14. 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.






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






16. Anything subtracted from your gross income.






17. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.






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






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






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






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






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 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)






24. The original amount of money deposited or invested.






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






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






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






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






30. 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.






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






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






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






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






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






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






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






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






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






40. 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.






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






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






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






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






45. 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)






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






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






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






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






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