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






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






3. 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.






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






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






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






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






8. The original amount of money deposited or invested.






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






10. 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.






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






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






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






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






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






16. 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)






17. The fee paid for insurance protection.






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






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






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






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






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






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






24. 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.






25. The original amount of money deposited or invested.






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






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






28. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.






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






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






31. 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.






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






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






34. 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.






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






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






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






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






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






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






41. 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.






42. 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.






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






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






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






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






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






48. Taking risks with personal finances or personal assets






49. 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.






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