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






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






3. The chance or likelihood that something will happen.






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






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






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






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






8. The fee paid for insurance protection.






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






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






11. Taking risks with personal finances or personal assets






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






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






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






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






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






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






18. 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.






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






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






21. 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.






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






23. 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.






24. 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.






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






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






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






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






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






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






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






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






33. 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.






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






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






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






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






38. 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.






39. Anything subtracted from your gross income.






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






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






42. 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.






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






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






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






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






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






48. 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.






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






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