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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 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.






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






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






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






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






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






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






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






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






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






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






12. 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.






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






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






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






16. Taking risks with personal finances or personal assets






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






19. The chance or likelihood that something will happen.






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






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






22. 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.






23. 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.






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






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






26. 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.






27. The original amount of money deposited or invested.






28. The chance or likelihood that something will happen.






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






30. Anything subtracted from your gross income.






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






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






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






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






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






36. Money earned from investments and employment.






37. 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.






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






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






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






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






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






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






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






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






47. The original amount of money deposited or invested.






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






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






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







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