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






2. 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.






3. Money earned from investments and employment.






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






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






6. 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.






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






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






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






10. The original amount of money deposited or invested.






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






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






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






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






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






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






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






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






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






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






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






23. 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.






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






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






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






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






28. 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.






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






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






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






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






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






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






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






36. The fee paid for insurance protection.






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






38. 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.






39. Taking risks with personal finances or personal assets






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






41. 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.






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






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






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






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






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






47. The chance or likelihood that something will happen.






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






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






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