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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 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.






2. 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.






3. The fee paid for insurance protection.






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






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






6. 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.






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






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






9. 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.






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






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






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






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






14. The fee paid for insurance protection.






15. 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.






16. 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.






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






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






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






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






22. 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.






23. 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.






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






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






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






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






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






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






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






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






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






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






34. 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.






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






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






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






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






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






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






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






42. The chance that an investment has been misrepresented.






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






44. Taking risks with personal finances or personal assets






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






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






47. 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.






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






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







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