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






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






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






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






5. Money earned from investments and employment.






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






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






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






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






10. Taking risks with personal finances or personal assets






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






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






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






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






15. 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.






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. How fast money in savings account or investment grows.






18. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends






19. The chance that an investment has been misrepresented.






20. 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.






21. Anything subtracted from your gross income.






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






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






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






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






26. The chance or likelihood that something will happen.






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






28. 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.






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






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






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






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






33. 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.






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






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






36. 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)






37. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends






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






39. 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.






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






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






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






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






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






45. 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.






46. 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.






47. Money earned from investments and employment.






48. The chance or likelihood that something will happen.






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






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