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






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






4. 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.






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






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






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






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






9. The chance that an investment has been misrepresented.






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






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






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






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






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






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






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






17. The fee paid for insurance protection.






18. Money earned from investments and employment.






19. The original amount of money deposited or invested.






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






22. Taking risks with personal finances or personal assets






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






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






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






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






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






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






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






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






31. 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.






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






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






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






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






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






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






38. 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)






39. 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.






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






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






42. 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.






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






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






45. 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.






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






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






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






49. 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.






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