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






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






3. The chance or likelihood that something will happen.






4. 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.






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






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






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






8. Anything subtracted from your gross income.






9. Money earned from investments and employment.






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






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






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






13. Taking risks with personal finances or personal assets






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






15. The original amount of money deposited or invested.






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






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






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






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






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






21. The fee paid for insurance protection.






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






23. 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)






24. The chance or likelihood that something will happen.






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






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






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






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






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






30. 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.






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






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






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






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






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






36. 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.






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






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






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






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






41. Money earned from investments and employment.






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






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






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






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






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






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






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






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






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