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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. How fast money in savings account or investment grows.
Fraud Risk
Net income
Budget
Rate of Return
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.
Saving
Fixed expenses
Credit Score/Rating
Consumer Credit Counseling
3. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Hacking
Probability
Career
Budget
4. Wages or salary before deductions for taxes and other purposes.
Credit Card
Gross income
Goal setting
Morals
5. A plastic card used to deduct a purchase amount directly from your checking account.
Debit card
Simple Interest
Morals
Coinsurance
6. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Mortgage
Deductible
Progressive tax
Fraud Risk
7. A company that makes loans for the purchase of a house or other real estate.
Interest Rate
Mortgage company
Fraud
Nonprofit organization
8. The act of giving to charitable organizations or to those in need.
Consumer Credit Counseling
Charitable Giving
Individual Retirement Account (IRA)
Copayment
9. 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)
Income
Fixed expenses
Credit
10. A long-term loan to buy real estate including land and the structures on it.
Mortgage
Ethics
Credit Bureau
Tenant
11. Someone who knowingly deceives you for their own personal gain.
Savings Accounts
401 k
Rate of Return
Fraud
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.
401 k
Mortgage company
Rate of Return
Principal
13. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Career
Income
Tenant
Risk
14. The chance or likelihood that something will happen.
Annuity
Fixed expenses
Interest
Probability
15. The fee paid for insurance protection.
Credit Report
Credit Score/Rating
Premium
Credit Bureau
16. The value of the second-best alternative that a person gives up when making one choice instead of another.
Credit Bureau
Mortgage company
Expenses
Opportunity Cost
17. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Medicare
Social security
Interest Rate
Saving
18. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Social security
Charitable Giving
Dumpster Diving
Identity Theft
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.
Mortgage company
Variable expenses
Mortgage
Reconcile
20. A long-term loan to buy real estate including land and the structures on it.
Career
401 k
Mortgage
Interest
21. A person or company to whom money is owed.
Consumer Credit Counseling
Income
Ethics
Creditor
22. A measure of the uncertainty of an investment's rate of return; possible losses.
Closing Costs
Risk
Gambling
Credit Score/Rating
23. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Saving
Individual Retirement Account (IRA)
Tax Deduction
Charitable Giving
24. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Individual Retirement Account (IRA)
Reconcile
Simple Interest
Gambling
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.
Savings Accounts
Credit
Check
Social security
26. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Budget
Checking account
Check
401 k
27. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Income
Rule of 72
Variable expenses
Bankruptcy
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.
Credit Bureau
Closing Costs
Gambling
Goal
29. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Landlord
Goal setting
Copayment
Closing Costs
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)
Benefits-received principle
Net income
Dumpster Diving
Premium
31. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Interest
Identity Theft
Credit Report
Income
32. A legal organization providing services or activities without commercial or monetary gain.
Nonprofit organization
Simple Interest
Annuity
Variable expenses
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.
Rule of 72
Reconcile
Premium
Creditor
34. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Credit Bureau
Morals
Income
Landlord
35. Money earned from investments and employment.
Credit Card
Savings Accounts
Credit Card
Income
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.
Savings Accounts
Fraud
Mortgage
Annuity
37. The chance that an investment has been misrepresented.
Social security
Fraud Risk
Goal
Nonprofit organization
38. The fee paid for insurance protection.
401 k
Social security
401 k
Premium
39. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Social security
Ethics
Variable expenses
Closing Costs
40. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Medicare
Income
Tax Deduction
401 k
41. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Simple Interest
Expenses
Mortgage company
Tax Deduction
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.
Rate of Return
Bankruptcy
Credit Card
Budget
43. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Ethics
Goal setting
Career
Deductions
44. The percentage of the costs of medical services paid by the patient.
Goal
Social security
Coinsurance
Tax Deduction
45. The original amount of money deposited or invested.
Principal
Income
Tax Deduction
Premium
46. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Saving
Social security
Mortgage
Fixed expenses
47. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
401 k
Goal setting
Risk
Dumpster Diving
48. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Deductible
Landlord
Closing Costs
Mortgage company
49. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Career
Fixed expenses
Interest Rate
Rate of Return
50. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Bankruptcy
Simple Interest
Coinsurance
Saving
Can you answer 50 questions in 15 minutes?
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