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






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






3. Taking risks with personal finances or personal assets






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






5. 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)






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






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






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






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






10. 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.






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






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






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






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






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






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






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






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






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






20. 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.






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






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






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






24. The original amount of money deposited or invested.






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






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






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






28. Anything subtracted from your gross income.






29. 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.






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






31. The original amount of money deposited or invested.






32. 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.






33. 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.






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






35. The fee paid for insurance protection.






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






37. 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.






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






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






40. 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.






41. 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.






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






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






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






45. The chance that an investment has been misrepresented.






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






47. 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.






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. The chance or likelihood that something will happen.






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