Test your basic knowledge |

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






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






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






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






5. 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.






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






7. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.






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






9. 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.






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. The chance that an investment has been misrepresented.






12. The fee paid for insurance protection.






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






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






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






16. 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.






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






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






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






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






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






22. A measure of the uncertainty of an investment's rate of return; possible losses.






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






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






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






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






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






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






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






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






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






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






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






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






35. The chance that an investment has been misrepresented.






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






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






38. 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.






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






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






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






42. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.






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






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






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






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






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






48. Anything subtracted from your gross income.






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






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