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






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






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






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






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






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






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






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






9. The chance or likelihood that something will happen.






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






11. 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.






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






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






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






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






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






17. 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.






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






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






20. The fee paid for insurance protection.






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






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






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






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






25. Taking risks with personal finances or personal assets






26. The chance that an investment has been misrepresented.






27. 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)






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






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






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






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






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






35. 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.






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






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






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






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






40. 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.






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






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






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






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






45. Money earned from investments and employment.






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






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






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






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






50. 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.







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