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






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






3. The original amount of money deposited or invested.






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






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






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






7. Taking risks with personal finances or personal assets






8. The original amount of money deposited or invested.






9. Money earned from investments and employment.






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






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






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






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






14. 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.






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






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






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






18. 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.






19. 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.






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






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






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






23. 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.






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






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






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






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






28. 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.






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






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






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






32. Anything subtracted from your gross income.






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






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






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






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






37. 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.






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






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






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






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






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






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






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






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






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






47. Taking risks with personal finances or personal assets






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






49. The chance or likelihood that something will happen.






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







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