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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 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.






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






5. 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.






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






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






8. The fee paid for insurance protection.






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






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






11. 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.






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






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






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






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






16. Money earned from investments and employment.






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






18. 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.






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






35. The chance or likelihood that something will happen.






36. 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.






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






38. The chance or likelihood that something will happen.






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






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






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






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






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






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






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






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






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






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






49. 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.






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