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






2. 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.






3. 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.






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






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






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






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






8. 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.






9. Money earned from investments and employment.






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






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






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






13. 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.






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






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






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






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






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






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






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






21. The fee paid for insurance protection.






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






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






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






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






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






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






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






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






30. 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.






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






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






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






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






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






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






37. 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.






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






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






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






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






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






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






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






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






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






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






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






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






50. 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.