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






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






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






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






6. 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)






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






8. The original amount of money deposited or invested.






9. 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.






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






11. The chance or likelihood that something will happen.






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






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






14. 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.






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






16. 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.






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






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






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






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






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






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






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






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






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






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






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






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






29. 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)






30. 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.






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






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






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






34. 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.






35. The chance or likelihood that something will happen.






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






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






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






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






40. A federal system of old-age & survivors' & disability & and hospital care (Medicare) insurance which requires employers to withhold wages from employees' paychecks and deposit that money in designated accounts.






41. Taking risks with personal finances or personal assets






42. Money earned from investments and employment.






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






44. 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.






45. The original amount of money deposited or invested.






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






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






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






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






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