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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 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.






2. The chance or likelihood that something will happen.






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






4. 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.






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






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






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






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






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






10. Taking risks with personal finances or personal assets






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






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






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






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






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






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






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






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






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






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






21. Taking risks with personal finances or personal assets






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






23. The original amount of money deposited or invested.






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






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






26. The original amount of money deposited or invested.






27. 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.






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






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






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






31. 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.






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






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






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






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






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






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






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






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






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






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






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






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






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






45. 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.






46. The chance that an investment has been misrepresented.






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






48. 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)






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






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