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






2. Anything subtracted from your gross income.






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






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






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






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






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






9. 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.






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






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






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






13. The fee paid for insurance protection.






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






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






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






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






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






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






20. 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)






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






22. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.






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






24. 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.






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






26. 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.






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






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






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






30. 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.






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






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






33. 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.






34. 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.






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






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






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






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






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






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






41. 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.






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






43. 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.






44. Money earned from investments and employment.






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






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






47. The fee paid for insurance protection.






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






49. The chance or likelihood that something will happen.






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