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






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






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






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






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






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






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






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






9. Money earned from investments and employment.






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






11. The chance that an investment has been misrepresented.






12. 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)






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






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






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






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






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






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






19. 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.






20. Anything subtracted from your gross income.






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






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






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






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






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






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






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






28. Taking risks with personal finances or personal assets






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






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






31. Money earned from investments and employment.






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






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






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






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






36. 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.






37. The chance or likelihood that something will happen.






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






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






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






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






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






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






44. 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.






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






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






47. The fee paid for insurance protection.






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






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






50. 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)