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






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






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






4. Anything subtracted from your gross income.






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






6. Anything subtracted from your gross income.






7. The original amount of money deposited or invested.






8. 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.






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






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






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






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






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






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






15. 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.






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






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






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






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






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






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






22. The chance that an investment has been misrepresented.






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






39. Money earned from investments and employment.






40. 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.






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






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






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






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






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






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






47. The chance that an investment has been misrepresented.






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






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