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






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






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






4. 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.






5. 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.






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






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






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






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






10. 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.






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






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






13. The fee paid for insurance protection.






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






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






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






17. 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.






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






19. 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.






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






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






22. 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.






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






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






25. 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.






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






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






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






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






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






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






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






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






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






35. 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.






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






37. The chance that an investment has been misrepresented.






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






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






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






41. 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.






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






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






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






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






46. Taking risks with personal finances or personal assets






47. 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.






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






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






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