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






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






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






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






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






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






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






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






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






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






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






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






13. 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.






14. The chance or likelihood that something will happen.






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






16. 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.






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






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






19. Money earned from investments and employment.






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






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






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






23. Taking risks with personal finances or personal assets






24. The fee paid for insurance protection.






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






26. 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.






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






28. 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.






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






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






31. 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.






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






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






34. 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.






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






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






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






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






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






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






41. 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)






42. Money earned from investments and employment.






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






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






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






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






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






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






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






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







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