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






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






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






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






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






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






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






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






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






11. Anything subtracted from your gross income.






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






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






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






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. 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.






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






18. 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.






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






20. 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.






21. 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.






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






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






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






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






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






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






28. 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.






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






30. Taking risks with personal finances or personal assets






31. 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.






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






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






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






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






36. The chance that an investment has been misrepresented.






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






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






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






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






41. 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.






42. 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.






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






44. Using a person's name or personal information without the person's permission to steal money or get other benefit.






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






46. 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.






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






48. Money earned from investments and employment.






49. The fee paid for insurance protection.






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







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