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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. Taking risks with personal finances or personal assets






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






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 original amount of money deposited or invested.






5. 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.






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






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






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






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






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






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






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






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






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






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






17. The fee paid for insurance protection.






18. 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.






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






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






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






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






23. Taking risks with personal finances or personal assets






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






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






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






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






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






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






30. 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.






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






32. Money earned from investments and employment.






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






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






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






36. The fee paid for insurance protection.






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






38. 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.






39. 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.






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






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






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






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






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






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






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






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






48. 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.






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






50. The chance that an investment has been misrepresented.