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






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






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






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






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






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






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






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






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






10. 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.






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






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






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






14. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)






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






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






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






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






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






21. Anything subtracted from your gross income.






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






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






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






25. The chance or likelihood that something will happen.






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






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






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






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






30. 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.






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






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






33. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.






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






35. 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.






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






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






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






39. The original amount of money deposited or invested.






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






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






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






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






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






46. 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.






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






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






49. 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.






50. 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.