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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 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.






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






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






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






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






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






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






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






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






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






11. Money earned from investments and employment.






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






13. 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.






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






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






16. 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)






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






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






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






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






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






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






23. 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.






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






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






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






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






29. 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.






30. Anything subtracted from your gross income.






31. 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.






32. The chance that an investment has been misrepresented.






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






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






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






36. 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.






37. 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.






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






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






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






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






42. The fee paid for insurance protection.






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






44. 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.






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






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






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






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






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






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