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






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






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






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






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






6. 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.






7. 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)






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






9. Anything subtracted from your gross income.






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






11. The chance that an investment has been misrepresented.






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






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






14. 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.






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






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






17. 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.






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






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






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






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






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






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






25. The chance or likelihood that something will happen.






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






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






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






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






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






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






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






33. 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)






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






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






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






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






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






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






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






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






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






43. 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.






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






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






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 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.






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






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






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