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






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






3. Anything subtracted from your gross income.






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






5. Taking risks with personal finances or personal assets






6. 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.






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






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






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






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






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






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






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






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






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






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






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






19. 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)






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






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






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






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






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






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






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






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






28. 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.






29. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.






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






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






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






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






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






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






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






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






38. 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.






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






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






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






42. 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.






43. 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.






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






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






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






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






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






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






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