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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. The chance that an investment has been misrepresented.






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






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






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






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






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






7. Anything subtracted from your gross income.






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






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






10. The chance or likelihood that something will happen.






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






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






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






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






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






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






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






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






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






20. 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.






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






22. 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.






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






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






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






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






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






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






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






30. The original amount of money deposited or invested.






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






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






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






34. The chance or likelihood that something will happen.






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






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






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






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






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






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






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






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






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






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






45. Anything subtracted from your gross income.






46. Taking risks with personal finances or personal assets






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






48. The chance that an investment has been misrepresented.






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






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