Test your basic knowledge |

Financial Literacy Basics

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. Business Weekly & Forbes & Money






2. The profit from an investment.






3. The increase or decrease in the original purchase price of an investment over a period of time.






4. The process of dealing with the chance of a potential personal or financial loss.






5. Another term for budget






6. The date on which the borrowed money must be repaid






7. A for-profit company that is owned by its stockholders and provides savings and checking accounts and other financial services to its customers.






8. The right & not the obligation & to buy or sell commodities or stocks for a specific price on a specific date






9. The credit union term for a checking account.






10. Summary of a corporation's financial condition






11. Brokers who provided little or no information to clients






12. The idea that money today is worth more than the same amount of money in the future due to its potential earning capacity.






13. Debt obligations of state or local governments






14. A bank account against which the depositor can draw checks payable on demand.






15. The right & not the obligation & to buy or sell commodities or stocks for a specific price on a specific date






16. Reducing investment risk by putting money in several different types of investments.






17. An amount that credit card companies can charge for the use of a credit card.






18. The chance that inflation will rise faster than the rate of return on an investment






19. A general and progressive increase in prices






20. A mathematical method that can be used to show how long it will take to double your money in an investment simply by dividing 72 by the rate of interest.






21. Things that add comfort and pleasure to your life but you can live without if you need to.






22. Coins & art & memorabilia or other items that are popular from time to time






23. A detailed record of your personal credit and financial transactions.






24. Coins & art & memorabilia or other items that are popular from time to time






25. A technique to gain personal information for the purpose of identity theft - usually by means of fraudulent e-mail or pop-up messages.






26. The total amount of what it costs you to use credit in a given year. It is expressed as a percentage of the amount borrowed.






27. Investors who take to take chances






28. The willingness to give up something you want now in return for something better in the future.






29. The belief - qualities - or standards that you consider important or desirable.






30. The setting aside of money for future use or other investments






31. A payroll deduction collected by employers by law and sent to the state government to support state services.






32. Property consisting of houses and land






33. Investment choices that will be held for long periods






34. A detailed record of your personal credit and financial transactions.






35. Maximum amount of credit a lender will extend to a customer.






36. A card that is used to deduct a purchase amount directly from your checking account instead of drawing on a line of credit; also called 'check card.'






37. A summary of a person's borrowing and repayment history.






38. Summary of a corporation's financial condition






39. The difference between a higher selling price and a lower purchase price - resulting in a financial gain for the seller






40. An amount of money that is loaned on trust with the expectation that it will be repaid at a later date.






41. The credit union term for a savings account.






42. Expenses that aren't paid every month and can be either fixed or variable.






43. Debt obligations of corporations






44. The amount of money someone is willing to loan you.






45. Bold and high-risk investments






46. Investors who are afraid to make investments






47. Contacts to buy and sell commodities or stocks for a specific price on a specific date






48. An electronic machine that bank customers and credit union members can use to withdraw cash and make other financial transactions.






49. A bad side effect of free downloads that may be used to send you pop-up ads - redirect your computer to unwanted Web sites - monitor your Internet surfing - or record your keystrokes in an effort to steal your identity.






50. The credit union term for a savings account.