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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. The fee paid for insurance protection.






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






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






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






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






6. The chance that an investment has been misrepresented.






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






8. 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.






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






10. 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.






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






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






13. 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.






14. 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.






15. Money earned from investments and employment.






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






17. 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.






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






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






20. 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.






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






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






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






24. The original amount of money deposited or invested.






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






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






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






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






29. 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.






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






31. Anything subtracted from your gross income.






32. 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.






33. Money earned from investments and employment.






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






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






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






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






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






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






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






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






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






43. The fee paid for insurance protection.






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






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






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






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






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






49. 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.






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