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






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






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






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






5. Money earned from investments and employment.






6. 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.






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






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






9. 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.






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






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






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






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






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






15. The fee paid for insurance protection.






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






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






18. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.






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






20. 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.






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






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






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






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






26. Taking risks with personal finances or personal assets






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






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






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






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






31. 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.






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






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






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






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






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






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






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






39. 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.






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






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






42. The chance that an investment has been misrepresented.






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






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






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






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






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






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






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






50. 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.