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






2. 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.






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






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






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






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






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






8. 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.






9. 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.






10. 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)






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






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






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






14. 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.






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






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






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






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






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






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






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






23. The fee paid for insurance protection.






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






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






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






27. 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.






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






29. 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.






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






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






32. Money earned from investments and employment.






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






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






35. 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.






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






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






38. 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.






39. The original amount of money deposited or invested.






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






41. The original amount of money deposited or invested.






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






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






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






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






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






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






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






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






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