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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 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.






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






3. 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.






4. 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.






5. 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.






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






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






8. The fee paid for insurance protection.






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






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






11. 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.






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






13. The original amount of money deposited or invested.






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






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






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






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






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






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






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






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






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






23. 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.






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






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






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






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






28. The chance or likelihood that something will happen.






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






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






31. The fee paid for insurance protection.






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






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






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






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






36. 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.






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






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






39. 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.






40. Anything subtracted from your gross income.






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






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






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






44. 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.






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






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






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






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






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






50. 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.