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






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






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






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






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






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






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






8. 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.






9. The chance or likelihood that something will happen.






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






11. Anything subtracted from your gross income.






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






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






14. The fee paid for insurance protection.






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






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






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






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






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






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






21. 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.






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






23. 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.






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






25. 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.






26. Money earned from investments and employment.






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






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






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






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






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






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






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






34. Taking risks with personal finances or personal assets






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






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






38. 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.






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






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






41. 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.






42. 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.






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






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






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






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






47. 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.






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






49. 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.






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