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






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






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






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






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






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






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






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






10. The original amount of money deposited or invested.






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






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






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






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






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






16. 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.






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






18. Money earned from investments and employment.






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






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






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






22. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.






23. 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.






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






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






26. 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.






27. The original amount of money deposited or invested.






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






29. 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.






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






31. 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.






32. Taking risks with personal finances or personal assets






33. 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.






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






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






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






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






38. Money earned from investments and employment.






39. 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.






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






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






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






43. The chance that an investment has been misrepresented.






44. The fee paid for insurance protection.






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






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






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






48. 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.






49. Taking risks with personal finances or personal assets






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