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






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






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






5. Money earned from investments and employment.






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






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






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






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






10. Anything subtracted from your gross income.






11. The chance or likelihood that something will happen.






12. 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)






13. Taking risks with personal finances or personal assets






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






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






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






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






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






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






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






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






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






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






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






25. Money earned from investments and employment.






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






27. 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.






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






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






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






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






32. 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.






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






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






35. The fee paid for insurance protection.






36. The fee paid for insurance protection.






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






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






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






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






41. 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.






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






43. 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.






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






45. 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)






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






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






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






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






50. The original amount of money deposited or invested.