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






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






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






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






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






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






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






8. 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)






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






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






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






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






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






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






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. 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.






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






38. Money earned from investments and employment.






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






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






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






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






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






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






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






46. 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.






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






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






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