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






3. 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.






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






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






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






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






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






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






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






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






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






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






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






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






16. 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)






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






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






19. The chance or likelihood that something will happen.






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






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






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






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






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






25. Money earned from investments and employment.






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






27. Money earned from investments and employment.






28. 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.






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






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






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






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






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






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






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






36. 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.






37. 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.






38. 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.






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






40. The chance or likelihood that something will happen.






41. The chance that an investment has been misrepresented.






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






43. The chance that an investment has been misrepresented.






44. Anything subtracted from your gross income.






45. 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.






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






47. Anything subtracted from your gross income.






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






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






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