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Test your basic knowledge |
Financial Literacy Vocab
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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. A plastic card used to deduct a purchase amount directly from your checking account.
Opportunity Cost
Reconcile
Debit card
Nonprofit organization
2. A company that makes loans for the purchase of a house or other real estate.
Bankruptcy
Landlord
Variable expenses
Mortgage company
3. The original amount of money deposited or invested.
Consumer Credit Counseling
Deductible
Principal
Career
4. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Medicare
Bankruptcy
Probability
Check
5. 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.
Mortgage
Debit card
Credit
Ethics
6. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Gross income
Ethics
Charitable Giving
Dumpster Diving
7. A measure of the uncertainty of an investment's rate of return; possible losses.
Credit Report
Tenant
Consumer Credit Counseling
Risk
8. Payment for the use of someone else's money
Opportunity Cost
Dumpster Diving
Interest
Goal
9. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Variable expenses
Deductible
Nonprofit organization
Charitable Giving
10. A plastic card used to deduct a purchase amount directly from your checking account.
Fraud
Debit card
Bankruptcy
Rate of Return
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.
Goal
Annuity
Net income
Variable expenses
12. 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.
Morals
Closing Costs
Budget
Rule of 72
13. A purposeful course of action or purpose in life that generally provides income
Career
Individual Retirement Account (IRA)
Variable expenses
Credit Card
14. A person who owns property and rents it to another.
Copayment
Social security
Landlord
Tax Deduction
15. 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.
Budget
Reconcile
Rule of 72
Mortgage
16. 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.
Hacking
Lease
Mortgage company
Bankruptcy
17. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Fixed expenses
Credit Bureau
Variable expenses
Mortgage
18. 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.
Goal setting
Individual Retirement Account (IRA)
Morals
Lease
19. A long-term loan to buy real estate including land and the structures on it.
Morals
Simple Interest
Mortgage
Creditor
20. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Credit
Ethics
Mortgage
Budget
21. 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
Credit Card
Savings Accounts
Interest Rate
22. Anything subtracted from your gross income.
Deductions
Check
Gambling
Charitable Giving
23. 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
Probability
Goal setting
Creditor
24. A non-cash contribution to a charitable organization which can be given a cash value.
Income
Mortgage
Fraud
Gifts in-kind
25. 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 Score/Rating
Check
26. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Opportunity Cost
Tenant
Income
Check
27. A non-cash contribution to a charitable organization which can be given a cash value.
Creditor
Check
Gifts in-kind
Rule of 72
28. The chance or likelihood that something will happen.
Social security
Income
Probability
Career
29. Someone who knowingly deceives you for their own personal gain.
Fraud
Budget
Career
Nonprofit organization
30. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Simple Interest
Income
Tenant
Deductions
31. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Deductions
401 k
Fixed expenses
Risk
32. Costs paid when buying a house or real estate.
Closing Costs
Interest
Mortgage
Check
33. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Goal
Checking account
Nonprofit organization
Saving
34. Wages or salary before deductions for taxes and other purposes.
Gross income
Consumer Credit Counseling
Tax Deduction
Medicare
35. 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.
Social security
Gifts in-kind
Premium
Consumer Credit Counseling
36. A bank or credit union account that allows withdrawals by writing a check.
Tenant
Career
Checking account
Net income
37. A purposeful course of action or purpose in life that generally provides income
Hacking
Credit Bureau
Income
Career
38. The percentage of the costs of medical services paid by the patient.
Coinsurance
Check
Risk
Credit union
39. 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
Interest
Nonprofit organization
Credit Report
40. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Credit Card
Dumpster Diving
Check
Fraud
41. 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.
Coinsurance
Credit Score/Rating
Individual Retirement Account (IRA)
Check
42. 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.
Check
Income
Credit Report
Nonprofit organization
43. A person who pays rent; the legal name for a renter.
Social security
Gambling
Tenant
Career
44. A set of principles or beliefs that govern an individual's actions.
Saving
Credit Card
Interest Rate
Ethics
45. Taking risks with personal finances or personal assets
Landlord
Tax Deduction
Gambling
Deductions
46. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Fraud Risk
Expenses
Mortgage company
Budget
47. 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
Credit union
Career
Dumpster Diving
48. Payment for the use of someone else's money
Credit
Goal
Savings Accounts
Interest
49. The act of giving to charitable organizations or to those in need.
Charitable Giving
Credit
Credit Card
Credit
50. Money earned from investments and employment.
Credit Bureau
Coinsurance
Income
Benefits-received principle
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