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






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






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






4. Taking risks with personal finances or personal assets






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






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






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






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






9. The chance that an investment has been misrepresented.






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






11. 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.






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






13. The chance or likelihood that something will happen.






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






16. 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.






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






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






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






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






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






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






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






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






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






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






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






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






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






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






31. The chance or likelihood that something will happen.






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






33. 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.






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






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






36. 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.






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






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






39. 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.






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






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






42. 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.






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






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






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






46. 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.






47. 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.






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






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






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