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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. Payment for the use of someone else's money
Interest
Benefits-received principle
Expenses
Credit
2. A company that makes loans for the purchase of a house or other real estate.
Annuity
Social security
Mortgage company
Reconcile
3. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Identity Theft
Hacking
Lease
Charitable Giving
4. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Morals
Identity Theft
Interest Rate
Landlord
5. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Tax Deduction
Hacking
Morals
Copayment
6. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Credit Card
Landlord
Budget
Variable expenses
7. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Bankruptcy
Principal
Credit Card
Dumpster Diving
8. 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
Charitable Giving
Gross income
9. The fee paid for insurance protection.
Gross income
Credit
Premium
Probability
10. The value of the second-best alternative that a person gives up when making one choice instead of another.
Consumer Credit Counseling
Budget
Tenant
Opportunity Cost
11. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Gifts in-kind
Credit Card
Goal
Tenant
12. The value of the second-best alternative that a person gives up when making one choice instead of another.
Rule of 72
Nonprofit organization
Rule of 72
Opportunity Cost
13. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Goal
Simple Interest
Mortgage
Income
14. Using a person's name or personal information without the person's permission to steal money or get other benefit.
401 k
Identity Theft
Copayment
Dumpster Diving
15. 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.
Opportunity Cost
Check
401 k
Simple Interest
16. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Ethics
401 k
Credit union
Goal setting
17. The chance that an investment has been misrepresented.
Credit Bureau
Gross income
Fraud Risk
Closing Costs
18. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Tenant
Interest
Simple Interest
Landlord
19. A measure of the uncertainty of an investment's rate of return; possible losses.
Mortgage
Annuity
Risk
Dumpster Diving
20. The original amount of money deposited or invested.
Principal
Progressive tax
Individual Retirement Account (IRA)
Benefits-received principle
21. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Risk
Landlord
Check
Tax Deduction
22. Money earned from investments and employment.
Landlord
Goal
Income
Opportunity Cost
23. 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.
Nonprofit organization
Deductions
Tax Deduction
Annuity
24. 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.
Deductible
Credit Card
Landlord
Credit Score/Rating
25. 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.
Simple Interest
Lease
Reconcile
Credit Bureau
26. A non-cash contribution to a charitable organization which can be given a cash value.
Interest
Saving
Gifts in-kind
Tax Deduction
27. A person who owns property and rents it to another.
Annuity
Closing Costs
Goal
Landlord
28. Payment for the use of someone else's money
Check
Individual Retirement Account (IRA)
Interest
Mortgage
29. A long-term loan to buy real estate including land and the structures on it.
Goal setting
Annuity
Check
Mortgage
30. A purposeful course of action or purpose in life that generally provides income
Career
Lease
Risk
Simple Interest
31. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Mortgage
Fixed expenses
Reconcile
Credit
32. A company that makes loans for the purchase of a house or other real estate.
Ethics
Mortgage company
Check
Budget
33. A plastic card used to deduct a purchase amount directly from your checking account.
Nonprofit organization
Debit card
Expenses
Goal
34. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Simple Interest
Interest Rate
Gross income
Medicare
35. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Probability
Dumpster Diving
Consumer Credit Counseling
Interest
36. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Mortgage
Savings Accounts
Expenses
Credit union
37. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Net income
Fixed expenses
Social security
Saving
38. An establishment that collects and distributes credit history info. of individuals & business.
Gifts in-kind
Credit Bureau
Reconcile
Risk
39. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Career
Income
Gross income
Coinsurance
40. A legal organization providing services or activities without commercial or monetary gain.
Nonprofit organization
Creditor
Risk
Opportunity Cost
41. Costs paid when buying a house or real estate.
Closing Costs
Coinsurance
Checking account
Hacking
42. How fast money in savings account or investment grows.
Rule of 72
Budget
Rate of Return
Principal
43. A person who pays rent; the legal name for a renter.
Risk
Credit Report
Tenant
Interest Rate
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)
Medicare
Benefits-received principle
Opportunity Cost
Saving
45. Wages or salary before deductions for taxes and other purposes.
Gifts in-kind
Morals
Gross income
Dumpster Diving
46. 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
Mortgage company
Goal
Variable expenses
47. A set of principles or beliefs that govern an individual's actions.
Creditor
Interest
Mortgage
Ethics
48. How fast money in savings account or investment grows.
Ethics
Rate of Return
Gross income
Variable expenses
49. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Copayment
Opportunity Cost
Hacking
Bankruptcy
50. A measure of the uncertainty of an investment's rate of return; possible losses.
Progressive tax
Checking account
Goal setting
Risk