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






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






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






6. 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.






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






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






9. 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.






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






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






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






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






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






15. The original amount of money deposited or invested.






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






17. 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.






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






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






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






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






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






23. 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.






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






25. 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.






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






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






28. 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.






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. 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.






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






32. 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)






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






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 person or company to whom money is owed.






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






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






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






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






40. The fee paid for insurance protection.






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






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






43. The fee paid for insurance protection.






44. 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.






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






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






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






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






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






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