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






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






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






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






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






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






7. Money earned from investments and employment.






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






9. The chance or likelihood that something will happen.






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






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






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






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






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






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






16. The fee paid for insurance protection.






17. 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)






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






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






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






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






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






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






24. 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.






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






40. The chance that an investment has been misrepresented.






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






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






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






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






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






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






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






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






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






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