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






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






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






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






6. 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.






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






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






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






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






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






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






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






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






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






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






17. Money earned from investments and employment.






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






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






20. Anything subtracted from your gross income.






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






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






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






24. The chance that an investment has been misrepresented.






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






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






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






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






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






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






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






32. The original amount of money deposited or invested.






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






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






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






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. 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)






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






40. The chance or likelihood that something will happen.






41. 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.






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






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






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






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






47. 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.






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






49. The chance or likelihood that something will happen.






50. The fee paid for insurance protection.