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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. The chance that an investment has been misrepresented.






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






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






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






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






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






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






8. The chance or likelihood that something will happen.






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






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






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






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 agreement to provide goods & services & or money in exchange for future payments with interest by a specific date or according to a specific schedule.






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






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






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






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






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






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






20. Taking risks with personal finances or personal assets






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






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






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






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






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






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






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






28. 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.






29. Money earned from investments and employment.






30. Anything subtracted from your gross income.






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






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






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






34. 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.






35. 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.






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






37. The original amount of money deposited or invested.






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






39. 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.






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






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






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






44. A plan for managing money & dividing up expected income and expenses among spending and saving options based on personal goals during a given time period.






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






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






47. 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.






48. 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.






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






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