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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. How fast money in savings account or investment grows.






2. 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.






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






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






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






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






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






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






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






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






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






12. 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.






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






14. The chance or likelihood that something will happen.






15. The fee paid for insurance protection.






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






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






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






19. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.






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






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






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






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






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






25. 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.






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






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






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






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






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)






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






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






33. 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.






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






35. Money earned from investments and employment.






36. 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.






37. The chance that an investment has been misrepresented.






38. The fee paid for insurance protection.






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






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






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






42. 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.






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






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






45. The original amount of money deposited or invested.






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






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






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






49. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.






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






Can you answer 50 questions in 15 minutes?



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