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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. The original amount of money deposited or invested.






2. Anything subtracted from your gross income.






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






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






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






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






7. 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.






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






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






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






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






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






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






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






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






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






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






18. The chance that an investment has been misrepresented.






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






20. 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.






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






22. 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.






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






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






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






26. 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.






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






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






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






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






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






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






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






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






35. 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.






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






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






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






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






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






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






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






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






44. Money earned from investments and employment.






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






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






47. 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.






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






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






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