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






2. A set of principles or beliefs that govern an individual's actions.






3. Anything subtracted from your gross income.






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






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






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






7. 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.






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






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






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






11. The chance that an investment has been misrepresented.






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






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






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






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






17. 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.






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






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






20. 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.






21. 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.






22. 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)






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






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






25. 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.






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






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






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






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






30. 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.






31. Anything subtracted from your gross income.






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






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






34. 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)






35. The original amount of money deposited or invested.






36. Taking risks with personal finances or personal assets






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






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






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






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






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






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






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






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






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






46. 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.






47. 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.






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






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






50. The chance that an investment has been misrepresented.