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






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






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






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






5. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)






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






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






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






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






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






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






12. 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.






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






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






15. The original amount of money deposited or invested.






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






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






18. 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.






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






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






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






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






23. Money earned from investments and employment.






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






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






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






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






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






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






30. 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.






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






32. The chance or likelihood that something will happen.






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






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






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






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






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






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






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






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






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






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






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






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






45. 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.






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






47. A measure of creditworthiness based on an analysis of the consumer's financial history & often computed as a numerical score & using the FICO or other scoring systems to analyze the consumer's credit.






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






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






50. Money earned from investments and employment.