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






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






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






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






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






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






7. The chance or likelihood that something will happen.






8. The chance that an investment has been misrepresented.






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






10. Anything subtracted from your gross income.






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






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






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






14. 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.






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






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






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






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






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






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






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






22. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.






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






24. Taking risks with personal finances or personal assets






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






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






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






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






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






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






31. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.






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






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






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






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






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






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






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






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






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






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






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






43. Anything subtracted from your gross income.






44. 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.






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






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






47. Money earned from investments and employment.






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






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






50. 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.







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Can you answer 50 questions in 15 minutes?


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