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






2. The original amount of money deposited or invested.






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






4. 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.






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






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






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






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






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






10. 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.






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






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






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






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






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






16. 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.






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






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






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






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






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






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






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






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






25. The original amount of money deposited or invested.






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






27. 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.






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






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






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






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






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






33. 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.






34. Money earned from investments and employment.






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






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






37. The fee paid for insurance protection.






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






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






40. 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)






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






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






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






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






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






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






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






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






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






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