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






2. 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.






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






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






5. 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.






6. The chance that an investment has been misrepresented.






7. Money earned from investments and employment.






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






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






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






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






12. 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.






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






14. The fee paid for insurance protection.






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






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






17. 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.






18. 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.






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






20. The fee paid for insurance protection.






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






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






23. 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.






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






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






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






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






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






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






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






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






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






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






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






35. 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.






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






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






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






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






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






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






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






43. 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.






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






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






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






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






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






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






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