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






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






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






4. The original amount of money deposited or invested.






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






6. The original amount of money deposited or invested.






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






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






11. 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.






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






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. Anything subtracted from your gross income.






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






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






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






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






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






21. 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.






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






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






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






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






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






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






28. 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.






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






30. The fee paid for insurance protection.






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






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






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






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






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






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






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






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






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






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






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






42. The chance that an investment has been misrepresented.






43. 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.






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






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






46. 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)






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






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






49. 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.






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