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






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






3. 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.






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






5. The fee paid for insurance protection.






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






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






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






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






12. 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.






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






14. The chance or likelihood that something will happen.






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






16. 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.






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






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






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






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






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






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






23. 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.






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






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






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






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






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






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






31. The original amount of money deposited or invested.






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






33. 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.






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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







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