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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. 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.






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






3. 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.






4. The fee paid for insurance protection.






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






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






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. 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.






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






10. 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.






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






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






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






14. The chance or likelihood that something will happen.






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






16. 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.






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






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






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






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






21. 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.






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






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






24. 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.






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






26. The chance that an investment has been misrepresented.






27. 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.






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






29. 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)






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






47. Money earned from investments and employment.






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






49. 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.






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







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