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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. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Credit Bureau
Variable expenses
Check
Credit Report
2. The chance that an investment has been misrepresented.
Fraud Risk
Credit union
Credit Card
Rate of Return
3. 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.
Career
Simple Interest
Social security
Lease
4. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Interest
Checking account
Hacking
Tax Deduction
5. Payment for the use of someone else's money
Interest
Bankruptcy
Opportunity Cost
Gambling
6. Taking risks with personal finances or personal assets
Gambling
Variable expenses
Fraud
Credit union
7. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Opportunity Cost
Credit union
Medicare
Hacking
8. 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)
Tenant
Mortgage
Nonprofit organization
9. The fee paid for insurance protection.
Tax Deduction
Gifts in-kind
Premium
Check
10. The fee paid for insurance protection.
Premium
Fraud
Mortgage company
Career
11. An establishment that collects and distributes credit history info. of individuals & business.
Credit Bureau
Expenses
Morals
Goal setting
12. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Tax Deduction
Lease
Mortgage company
Deductible
13. Wages or salary before deductions for taxes and other purposes.
Credit Report
Gross income
Landlord
Morals
14. The value of the second-best alternative that a person gives up when making one choice instead of another.
Premium
Fraud Risk
Opportunity Cost
Consumer Credit Counseling
15. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Income
Expenses
Interest Rate
Consumer Credit Counseling
16. A person who owns property and rents it to another.
Landlord
Progressive tax
Closing Costs
Morals
17. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Budget
Goal
Rate of Return
Interest Rate
18. The percentage of the costs of medical services paid by the patient.
Coinsurance
Credit
Expenses
Reconcile
19. A non-cash contribution to a charitable organization which can be given a cash value.
Credit
Gifts in-kind
Progressive tax
Income
20. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Variable expenses
Hacking
Benefits-received principle
Probability
21. 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.
Morals
Budget
Savings Accounts
Credit Score/Rating
22. A bank or credit union account that allows withdrawals by writing a check.
Creditor
Fraud Risk
Checking account
Income
23. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Closing Costs
Fixed expenses
Net income
Goal setting
24. 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
Goal setting
Credit union
Fixed expenses
25. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Check
Mortgage
Hacking
Goal
26. A set of principles or beliefs that govern an individual's actions.
Morals
Ethics
Progressive tax
Deductible
27. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Variable expenses
Social security
Medicare
Dumpster Diving
28. 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)
Rule of 72
Annuity
Progressive tax
Credit Bureau
29. The original amount of money deposited or invested.
Principal
Tax Deduction
Credit Bureau
Deductible
30. 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.
Credit Score/Rating
Creditor
Career
Career
31. A bank or credit union account that allows withdrawals by writing a check.
Rule of 72
Career
Checking account
Interest Rate
32. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Simple Interest
Morals
Landlord
Annuity
33. How fast money in savings account or investment grows.
Credit
Reconcile
Rate of Return
Mortgage company
34. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Bankruptcy
401 k
Fraud Risk
Fixed expenses
35. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Bankruptcy
Landlord
Credit union
Ethics
36. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Benefits-received principle
Individual Retirement Account (IRA)
Simple Interest
Tax Deduction
37. The chance or likelihood that something will happen.
Probability
Gifts in-kind
401 k
Credit Score/Rating
38. An establishment that collects and distributes credit history info. of individuals & business.
Premium
Hacking
Credit Bureau
Career
39. A person who pays rent; the legal name for a renter.
Fraud
Credit Report
Tenant
Budget
40. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Probability
Landlord
Nonprofit organization
Reconcile
41. How fast money in savings account or investment grows.
Rate of Return
Tenant
Fraud
Medicare
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.
Credit
Goal setting
Landlord
Variable expenses
43. 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)
Progressive tax
Credit Report
Career
Career
44. A person who owns property and rents it to another.
Dumpster Diving
Premium
Opportunity Cost
Landlord
45. Costs paid when buying a house or real estate.
401 k
Tenant
Closing Costs
Fraud Risk
46. Money earned from investments and employment.
Interest Rate
Income
Copayment
Progressive tax
47. Wages or salary before deductions for taxes and other purposes.
Bankruptcy
Mortgage company
Gross income
Net income
48. A set of principles or beliefs that govern an individual's actions.
Tax Deduction
401 k
Ethics
Credit Report
49. 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
Creditor
Mortgage
Ethics
50. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Net income
Copayment
Income
Risk