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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 plan for managing money & dividing up expected income and expenses among spending and saving options based on personal goals during a given time period.






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






3. Anything subtracted from your gross income.






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






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






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






7. The fee paid for insurance protection.






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






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






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






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






12. 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)






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






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






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






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






17. 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.






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






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






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






21. 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.






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






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






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






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






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






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






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






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






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






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






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






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






35. Money earned from investments and employment.






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






37. The chance or likelihood that something will happen.






38. 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)






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






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






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






42. The chance that an investment has been misrepresented.






43. Taking risks with personal finances or personal assets






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






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






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






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






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






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






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