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






2. 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.






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






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






5. Money earned from investments and employment.






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






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






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






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






10. 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.






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






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






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






14. 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.






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






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






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






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






19. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.






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






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






22. 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.






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






24. 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.






25. Money earned from investments and employment.






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






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






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






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






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






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






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






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






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






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






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






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






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. 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.






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






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






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






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






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






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






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






47. 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.






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






49. 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.






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