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






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






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






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






6. 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.






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






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






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






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






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






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






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






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






15. The fee paid for insurance protection.






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






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






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






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






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






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






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






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






24. The original amount of money deposited or invested.






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






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






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






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






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






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






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






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






33. The fee paid for insurance protection.






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






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






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 state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.






38. 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.






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






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






41. Money earned from investments and employment.






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






43. 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.






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






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






46. 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.






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






48. Money earned from investments and employment.






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






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