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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. Anything subtracted from your gross income.






2. 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.






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






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






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






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






7. Money earned from investments and employment.






8. 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.






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






10. The fee paid for insurance protection.






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






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






13. The chance or likelihood that something will happen.






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






15. 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.






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






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






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






19. The original amount of money deposited or invested.






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






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






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






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






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






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






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






28. 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.






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






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






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






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






33. Taking risks with personal finances or personal assets






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






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






36. 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)






37. Money earned from investments and employment.






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






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






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






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






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






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






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






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






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






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






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






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






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







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