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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 person who owns property and rents it to another.






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






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






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






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






6. Anything subtracted from your gross income.






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






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






9. Taking risks with personal finances or personal assets






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






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






12. 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.






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






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






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






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






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






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






19. Taking risks with personal finances or personal assets






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






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






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






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






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






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






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






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






28. 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.






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






30. 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.






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






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






33. 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.






34. The chance that an investment has been misrepresented.






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






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






37. 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.






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






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






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






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






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






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






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






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






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






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






48. Money earned from investments and employment.






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






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