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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 agreement to provide goods & services & or money in exchange for future payments with interest by a specific date or according to a specific schedule.






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






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






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






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






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






7. 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.






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. 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.






10. The fee paid for insurance protection.






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






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






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






14. Money earned from investments and employment.






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






31. Money earned from investments and employment.






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






34. Anything subtracted from your gross income.






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






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






37. 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.






38. The chance or likelihood that something will happen.






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






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






41. Taking risks with personal finances or personal assets






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






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






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






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






46. The chance or likelihood that something will happen.






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






48. 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.






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






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