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






2. Anything subtracted from your gross income.






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






4. 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.






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






6. Money earned from investments and employment.






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






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






9. 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.






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






11. 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.






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






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






14. 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.






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






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






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






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






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






20. The original amount of money deposited or invested.






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






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






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






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






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






26. The chance or likelihood that something will happen.






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






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






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






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 fee paid for insurance protection.






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






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






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






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. Costs paid when buying a house or real estate.






37. 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.






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






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






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






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






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






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






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






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






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






47. 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.






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






49. Taking risks with personal finances or personal assets






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