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






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






3. Anything subtracted from your gross income.






4. The chance that an investment has been misrepresented.






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






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






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






8. 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)






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






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






11. 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.






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






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






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






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






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






17. Taking risks with personal finances or personal assets






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






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






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






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






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






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






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






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






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






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






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






29. 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.






30. Money earned from investments and employment.






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






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






33. 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)






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






35. 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.






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






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






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






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






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






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






42. The fee paid for insurance protection.






43. 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.






44. 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.






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






46. Money earned from investments and employment.






47. 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.






48. 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.






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






50. The fee paid for insurance protection.