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






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






3. 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.






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






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






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






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






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






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. 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.






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






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






13. The original amount of money deposited or invested.






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






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






16. The chance or likelihood that something will happen.






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






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






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






20. 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.






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






22. 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.






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






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






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






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






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






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






29. 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.






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






31. The fee paid for insurance protection.






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






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






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






35. Anything subtracted from your gross income.






36. 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.






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






38. The original amount of money deposited or invested.






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






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






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






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






43. Money earned from investments and employment.






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






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






46. 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.






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






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






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






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