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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. 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.






2. 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.






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






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






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






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






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






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






9. Taking risks with personal finances or personal assets






10. 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.






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






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






13. The fee paid for insurance protection.






14. 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.






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






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






17. The chance that an investment has been misrepresented.






18. The chance or likelihood that something will happen.






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






20. The chance or likelihood that something will happen.






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






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






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






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






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






26. 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.






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






28. 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.






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






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






31. The chance that an investment has been misrepresented.






32. The original amount of money deposited or invested.






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






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






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






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






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






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






39. 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.






40. 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.






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






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






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






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






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






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






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






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






49. 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)






50. 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.