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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. Payment for the use of someone else's money






2. 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.






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






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






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






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






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






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






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






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






11. Wages or salary before deductions for taxes and other purposes.






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. 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.






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






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






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






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






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






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






20. 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.






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






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






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






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






25. 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)






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






27. Money earned from investments and employment.






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






29. 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.






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






31. The fee paid for insurance protection.






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






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






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






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






36. 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.






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






38. Money earned from investments and employment.






39. 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.






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






41. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).






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






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






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






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






46. 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.






47. 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)






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






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






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







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