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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 person who owns property and rents it to another.






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






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






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






5. The fee paid for insurance protection.






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






7. 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.






8. 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.






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






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






11. 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.






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






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






14. 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.






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






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






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






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






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






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






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






22. 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.






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






24. The chance or likelihood that something will happen.






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






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






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






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






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






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






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






32. 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.






33. 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.






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






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






36. Taking risks with personal finances or personal assets






37. The original amount of money deposited or invested.






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






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






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






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






42. Anything subtracted from your gross income.






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






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






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






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






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






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






50. 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.