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






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






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






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






6. 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.






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






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






10. The chance that an investment has been misrepresented.






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






12. 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.






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






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






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






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






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






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






19. 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.






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






21. The original amount of money deposited or invested.






22. The chance or likelihood that something will happen.






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






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






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






26. The chance or likelihood that something will happen.






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






28. The value of the second-best alternative that a person gives up when making one choice instead of another.






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






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






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






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






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






34. 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.






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






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






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






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






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






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






41. 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.






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






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






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






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






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






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






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






49. 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.






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