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






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






3. The chance or likelihood that something will happen.






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






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






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






7. The fee paid for insurance protection.






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






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






10. Taking risks with personal finances or personal assets






11. The chance that an investment has been misrepresented.






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






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






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






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






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






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






18. 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.






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






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. Money earned from investments and employment.






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






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






24. Money earned from investments and employment.






25. 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.






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






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






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






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






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






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






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






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






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






36. 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.






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






38. 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.






39. Anything subtracted from your gross income.






40. A written contract specifying the terms for the use of an asset and the legal responsibilities of both parties to the agreement & such as a property owner and tenant.






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






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






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






44. 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.






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






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






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






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. The original amount of money deposited or invested.






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