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






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






4. 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.






5. 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.






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






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






8. The act of giving to charitable organizations or to those in need.






9. The original amount of money deposited or invested.






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






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






12. Anything subtracted from your gross income.






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






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






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






16. Money earned from investments and employment.






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






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






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






20. The original amount of money deposited or invested.






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






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






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






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






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






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






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






28. 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.






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






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






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






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






33. 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.






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






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






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






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






38. 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.






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






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






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






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






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






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






45. 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.






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






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






48. The chance or likelihood that something will happen.






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






50. 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.







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