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






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






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






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






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






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






8. Taking risks with personal finances or personal assets






9. 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.






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






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






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






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






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






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






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






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






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






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






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






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






22. 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.






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






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. A person or company to whom money is owed.






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






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






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






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






30. 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)






31. 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.






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






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






34. The original amount of money deposited or invested.






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






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






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






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






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






40. 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.






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






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






43. The original amount of money deposited or invested.






44. 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.






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






46. Anything subtracted from your gross income.






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






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






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






50. 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.