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






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






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






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






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






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






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






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






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






10. 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.






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






12. The chance that an investment has been misrepresented.






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






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






15. 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.






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






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






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






19. Money earned from investments and employment.






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






21. 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.






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






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






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






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






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






27. 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.






28. 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)






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






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






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






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






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






34. The fee paid for insurance protection.






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






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






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






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






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






40. 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.






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






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






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






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






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






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






47. 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.






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






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






50. The chance that an investment has been misrepresented.






Can you answer 50 questions in 15 minutes?



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