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






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. 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.






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






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






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






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






8. 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.






9. 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.






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






11. 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)






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






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






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






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






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






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






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






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






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






21. 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.






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






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






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






25. 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.






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






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






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






29. The chance or likelihood that something will happen.






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






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






32. The original amount of money deposited or invested.






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






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






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






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






37. 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.






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






39. The chance that an investment has been misrepresented.






40. 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)






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






42. Taking risks with personal finances or personal assets






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






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






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






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






47. The original amount of money deposited or invested.






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






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






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







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