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






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






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






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






5. 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.






6. Money earned from investments and employment.






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






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






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






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






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






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






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






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






15. 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.






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






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






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






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






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






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






22. The original amount of money deposited or invested.






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






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






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






26. Taking risks with personal finances or personal assets






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






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






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






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






31. 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.






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






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






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






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






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






37. 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.






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






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






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






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






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






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






44. 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)






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






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






47. Anything subtracted from your gross income.






48. 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.






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






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