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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. 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.






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






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






4. 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.






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






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






7. The fee paid for insurance protection.






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






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






10. 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.






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






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






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






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






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






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






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






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






19. 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.






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






21. Anything subtracted from your gross income.






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






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






24. 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.






25. 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.






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






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






28. Taking risks with personal finances or personal assets






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






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






31. 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)






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






33. 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.






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






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






36. Money earned from investments and employment.






37. The chance that an investment has been misrepresented.






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






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






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






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






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






44. 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.






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






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






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






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






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






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