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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. Payment for the use of someone else's money






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






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






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






5. Anything subtracted from your gross income.






6. The fee paid for insurance protection.






7. 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.






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






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






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






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






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






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






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






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






16. 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.






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






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






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






20. 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.






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






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






23. 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.






24. 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.






25. 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.






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






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






28. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.






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






30. Money earned from investments and employment.






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






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






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






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






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






36. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.






37. The chance that an investment has been misrepresented.






38. The original amount of money deposited or invested.






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






40. The chance or likelihood that something will happen.






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






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






43. 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.






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






45. The original amount of money deposited or invested.






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






47. Taking risks with personal finances or personal assets






48. 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.






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






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