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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 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.






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






3. 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.






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






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






6. 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.






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






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






9. 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.






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






11. The fee paid for insurance protection.






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






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






14. 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.






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






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






17. 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.






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






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






20. Money earned from investments and employment.






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






22. 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.






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






24. The chance that an investment has been misrepresented.






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






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






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






28. The chance that an investment has been misrepresented.






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






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






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






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






33. 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.






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






35. Taking risks with personal finances or personal assets






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






37. Anything subtracted from your gross income.






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






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






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






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






42. 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.






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






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






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






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






47. The original amount of money deposited or invested.






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






49. Taking risks with personal finances or personal assets






50. 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.