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






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






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






5. Money earned from investments and employment.






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






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






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






9. 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.






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






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. Costs paid when buying a house or real estate.






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






33. The original amount of money deposited or invested.






34. 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.






35. Taking risks with personal finances or personal assets






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






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






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






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






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






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






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






44. Anything subtracted from your gross income.






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






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






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






49. 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.






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