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






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






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






4. Taking risks with personal finances or personal assets






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






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






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






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






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






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






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






12. 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.






13. The original amount of money deposited or invested.






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






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






16. The chance that an investment has been misrepresented.






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






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






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






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






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






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






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






24. 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.






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






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






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






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






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






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






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






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






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






34. Taking risks with personal finances or personal assets






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






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






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






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






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






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






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






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






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






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






45. The fee paid for insurance protection.






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






47. Anything subtracted from your gross income.






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






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






50. The chance or likelihood that something will happen.