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






2. Anything subtracted from your gross income.






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






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






5. Anything subtracted from your gross income.






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






7. Money earned from investments and employment.






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






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






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






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. 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.






13. 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.






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






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






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






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






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






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






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






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






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






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






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






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






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






27. 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.






28. 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.






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






30. The original amount of money deposited or invested.






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






32. The chance that an investment has been misrepresented.






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






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






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






36. 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.






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






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






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 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.






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






42. Money earned from investments and employment.






43. 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.






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






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






46. The original amount of money deposited or invested.






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






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






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






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