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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 person who owns property and rents it to another.






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






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






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






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






6. 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.






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






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






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






10. A tax that takes a larger percentage of income from people in higher-income groups than from people in lower-income ones; (Example - U.S. federal income tax)






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






12. Money earned from investments and employment.






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






32. An official record of a borrower's credit history & including such information as the amount and type of credit used & outstanding balances & and any delinquencies & bankruptcies & or tax liens.






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






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






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






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






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






38. Money earned from investments and employment.






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






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






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






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






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






44. The original amount of money deposited or invested.






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






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






47. 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.






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






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.