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Test your basic knowledge |
Financial Literacy Vocab
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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. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Coinsurance
Credit Card
Identity Theft
Gambling
2. 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.
Principal
Annuity
Credit Report
Savings Accounts
3. A non-cash contribution to a charitable organization which can be given a cash value.
Credit
Dumpster Diving
Gifts in-kind
Principal
4. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Expenses
Identity Theft
Fraud Risk
Premium
5. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Credit
Hacking
Fraud Risk
Lease
6. The percentage of the costs of medical services paid by the patient.
Coinsurance
Fixed expenses
Check
Gross income
7. The act of giving to charitable organizations or to those in need.
Progressive tax
Goal
Charitable Giving
Saving
8. A bank or credit union account that allows withdrawals by writing a check.
Dumpster Diving
Checking account
Landlord
Fixed expenses
9. Costs paid when buying a house or real estate.
Closing Costs
Check
Check
Hacking
10. An establishment that collects and distributes credit history info. of individuals & business.
Benefits-received principle
Income
Credit Bureau
Individual Retirement Account (IRA)
11. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Credit union
Deductions
Annuity
Social security
12. A long-term loan to buy real estate including land and the structures on it.
Check
Goal
Tax Deduction
Mortgage
13. Anything subtracted from your gross income.
Deductions
Deductible
Mortgage
Fixed expenses
14. Someone who knowingly deceives you for their own personal gain.
Gifts in-kind
Progressive tax
Fraud
Credit
15. 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.
Lease
Goal setting
Reconcile
Net income
16. The chance or likelihood that something will happen.
Social security
Budget
Probability
Mortgage
17. 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)
Copayment
Medicare
Progressive tax
Interest Rate
18. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Benefits-received principle
Dumpster Diving
Goal setting
Creditor
19. A person who pays rent; the legal name for a renter.
Fraud
Deductions
Saving
Tenant
20. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Progressive tax
Mortgage company
Check
Morals
21. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Simple Interest
Credit Bureau
Medicare
Principal
22. Costs paid when buying a house or real estate.
Dumpster Diving
Identity Theft
Closing Costs
Interest Rate
23. The chance or likelihood that something will happen.
Gambling
Probability
Credit Report
Fraud Risk
24. 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.
Consumer Credit Counseling
Mortgage
Bankruptcy
Budget
25. 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.
Tax Deduction
Tenant
Identity Theft
Credit
26. A person or company to whom money is owed.
Goal setting
Identity Theft
Creditor
Reconcile
27. A set of principles or beliefs that govern an individual's actions.
Income
Savings Accounts
Credit Report
Ethics
28. The percentage of the costs of medical services paid by the patient.
Coinsurance
Nonprofit organization
Savings Accounts
Fraud Risk
29. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Identity Theft
Gambling
Gifts in-kind
Credit union
30. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Saving
Rate of Return
Copayment
Mortgage
31. 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
Benefits-received principle
Deductions
Reconcile
32. 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.
Fixed expenses
Opportunity Cost
Gambling
Lease
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.
Fraud Risk
Lease
Rule of 72
Tax Deduction
34. The value of the second-best alternative that a person gives up when making one choice instead of another.
Risk
Mortgage
Credit Bureau
Opportunity Cost
35. The fee paid for insurance protection.
Rate of Return
Variable expenses
Premium
Checking account
36. 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.
Debit card
Credit
Credit Score/Rating
Gambling
37. The original amount of money deposited or invested.
Savings Accounts
Identity Theft
Rate of Return
Principal
38. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Check
Tax Deduction
Variable expenses
Premium
39. 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.
Saving
Goal
Social security
Tax Deduction
40. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Dumpster Diving
Tax Deduction
Credit Card
Copayment
41. Money earned from investments and employment.
Medicare
Career
Fixed expenses
Income
42. A measure of the uncertainty of an investment's rate of return; possible losses.
Risk
Mortgage company
Premium
Variable expenses
43. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Dumpster Diving
Hacking
Tax Deduction
Lease
44. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Probability
Budget
Morals
Income
45. How fast money in savings account or investment grows.
Rate of Return
Individual Retirement Account (IRA)
Probability
Progressive tax
46. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Reconcile
Annuity
Tax Deduction
Net income
47. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Simple Interest
Opportunity Cost
Gifts in-kind
Credit
48. 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.
Credit
Tenant
Net income
Hacking
49. Payment for the use of someone else's money
Mortgage company
Expenses
Medicare
Interest
50. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Fraud
Variable expenses
Mortgage
Opportunity Cost
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