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






2. Taking risks with personal finances or personal assets






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






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






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






6. 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.






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






8. 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.






9. The chance that an investment has been misrepresented.






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






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






12. 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.






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






14. Anything subtracted from your gross income.






15. 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.






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






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






18. 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.






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






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






21. The original amount of money deposited or invested.






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






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






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






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






26. 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.






27. 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.






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






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






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






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






32. 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.






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






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






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






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






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






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






39. The fee paid for insurance protection.






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






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






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






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






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






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






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






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






48. 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.






49. 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.






50. Money earned from investments and employment.