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






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






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






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






6. The chance or likelihood that something will happen.






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






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






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






10. 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.






11. 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.






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






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






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






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






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






17. 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.






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






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






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






21. 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.






22. Anything subtracted from your gross income.






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






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






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






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






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






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






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






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






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






32. Taking risks with personal finances or personal assets






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






34. 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.






35. 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.






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






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






38. 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.






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






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






41. 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.






42. 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.






43. The original amount of money deposited or invested.






44. 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.






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






46. The fee paid for insurance protection.






47. The original amount of money deposited or invested.






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






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






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