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Test your basic knowledge |
Financial Literacy Vocab
Start Test
Study First
Subjects
:
literacy
,
personal-finance
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. How fast money in savings account or investment grows.
Bankruptcy
Mortgage
Rate of Return
Deductible
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.
Interest Rate
Credit union
Income
Rule of 72
3. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Coinsurance
Morals
Mortgage company
Budget
4. The act of giving to charitable organizations or to those in need.
Charitable Giving
Mortgage
Risk
Opportunity Cost
5. A company that makes loans for the purchase of a house or other real estate.
Mortgage company
Ethics
Opportunity Cost
Rule of 72
6. Money earned from investments and employment.
Income
Expenses
Probability
Fraud Risk
7. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Annuity
Opportunity Cost
Net income
Copayment
8. Payment for the use of someone else's money
Gambling
Reconcile
Interest
Gambling
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.
Credit Report
401 k
Annuity
Nonprofit organization
10. A person or company to whom money is owed.
Gambling
Savings Accounts
Saving
Creditor
11. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Gambling
Fraud
Interest Rate
Consumer Credit Counseling
12. 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.
Medicare
Credit Score/Rating
Mortgage company
Fraud Risk
13. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Nonprofit organization
Annuity
Credit union
Morals
14. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Goal
Credit union
Goal setting
Closing Costs
15. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Individual Retirement Account (IRA)
Ethics
Consumer Credit Counseling
Gross income
16. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Credit union
Debit card
Saving
Goal setting
17. Anything subtracted from your gross income.
Mortgage
Deductions
Budget
Hacking
18. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Savings Accounts
Goal
Fixed expenses
401 k
19. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Fixed expenses
Lease
Charitable Giving
Hacking
20. A set of principles or beliefs that govern an individual's actions.
Credit Score/Rating
Consumer Credit Counseling
Career
Ethics
21. A person who pays rent; the legal name for a renter.
Copayment
Income
Gross income
Tenant
22. A non-cash contribution to a charitable organization which can be given a cash value.
Gifts in-kind
Ethics
Identity Theft
Credit union
23. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Deductible
Medicare
Simple Interest
Morals
24. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Identity Theft
Social security
Tenant
Credit Card
25. Costs paid when buying a house or real estate.
Mortgage
Career
Net income
Closing Costs
26. The chance that an investment has been misrepresented.
Simple Interest
Identity Theft
Fraud Risk
Goal
27. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Credit Report
Checking account
Net income
Consumer Credit Counseling
28. 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.
Check
Nonprofit organization
Annuity
Copayment
29. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Opportunity Cost
Gambling
Tenant
Bankruptcy
30. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Risk
Premium
Gross income
Benefits-received principle
31. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Bankruptcy
Nonprofit organization
Reconcile
Hacking
32. A plastic card used to deduct a purchase amount directly from your checking account.
Rate of Return
Income
Debit card
Ethics
33. Taking risks with personal finances or personal assets
Simple Interest
Gambling
Goal
Morals
34. 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.
Mortgage
Interest Rate
Opportunity Cost
Social security
35. 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.
Morals
Creditor
Expenses
Lease
36. A purposeful course of action or purpose in life that generally provides income
Deductible
Variable expenses
Career
Coinsurance
37. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Rate of Return
Credit Card
Dumpster Diving
Premium
38. 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.
401 k
Charitable Giving
Budget
Ethics
39. Anything subtracted from your gross income.
Fixed expenses
Deductions
Opportunity Cost
Goal setting
40. A person or company to whom money is owed.
Rate of Return
Probability
Creditor
Tax Deduction
41. Wages or salary before deductions for taxes and other purposes.
Gross income
Rate of Return
Principal
Interest Rate
42. 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.
Social security
Credit
Reconcile
Fixed expenses
43. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Saving
Savings Accounts
Premium
Principal
44. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Goal
Annuity
Benefits-received principle
Income
45. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Fixed expenses
Rate of Return
Tax Deduction
Credit union
46. A measure of the uncertainty of an investment's rate of return; possible losses.
Risk
Check
Variable expenses
Saving
47. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Individual Retirement Account (IRA)
Copayment
Goal
Principal
48. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Individual Retirement Account (IRA)
Probability
Benefits-received principle
Credit Card
49. A person who owns property and rents it to another.
Morals
Landlord
Risk
Fraud Risk
50. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Net income
Debit card
Interest Rate
Credit Score/Rating
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