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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 agreement to provide goods & services & or money in exchange for future payments with interest by a specific date or according to a specific schedule.






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






3. 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.






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






5. 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.






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






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






8. Anything subtracted from your gross income.






9. The fee paid for insurance protection.






10. Anything subtracted from your gross income.






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






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






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






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






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






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






17. 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.






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






19. 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.






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






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






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






23. The chance that an investment has been misrepresented.






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






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






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






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






28. 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.






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






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






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






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






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






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






35. The chance that an investment has been misrepresented.






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






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






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






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






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






41. 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.






42. 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.






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






44. 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.






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






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






47. The chance or likelihood that something will happen.






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






49. 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.






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