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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. The value of the second-best alternative that a person gives up when making one choice instead of another.
Opportunity Cost
Coinsurance
Mortgage
Fraud Risk
2. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Saving
Risk
Income
Deductions
3. A person who owns property and rents it to another.
Budget
Morals
Ethics
Landlord
4. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Expenses
Dumpster Diving
Principal
Gambling
5. Costs paid when buying a house or real estate.
Goal
Closing Costs
Hacking
Check
6. A person who owns property and rents it to another.
Landlord
Closing Costs
Lease
Check
7. The chance that an investment has been misrepresented.
Bankruptcy
Goal
Identity Theft
Fraud Risk
8. The percentage of the costs of medical services paid by the patient.
Fraud Risk
Coinsurance
Closing Costs
Mortgage
9. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Tax Deduction
Credit
Mortgage
Career
10. A purposeful course of action or purpose in life that generally provides income
Charitable Giving
Career
Risk
Premium
11. A company that makes loans for the purchase of a house or other real estate.
Mortgage company
Fraud Risk
Goal
Interest
12. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Fixed expenses
Rate of Return
Credit Card
Tax Deduction
13. The act of giving to charitable organizations or to those in need.
Career
Credit Score/Rating
Variable expenses
Charitable Giving
14. 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.
Variable expenses
Credit Score/Rating
Lease
Charitable Giving
15. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Gross income
Social security
Gifts in-kind
Consumer Credit Counseling
16. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Morals
Coinsurance
Income
Fraud
17. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Goal setting
Budget
Variable expenses
Deductible
18. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Copayment
Credit Bureau
Lease
Gross income
19. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Saving
Savings Accounts
Identity Theft
Net income
20. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Bankruptcy
Credit union
Ethics
Budget
21. 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
Variable expenses
Checking account
Individual Retirement Account (IRA)
22. 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
Ethics
Mortgage
Gross income
23. The fee paid for insurance protection.
Goal setting
Premium
Debit card
Dumpster Diving
24. A purposeful course of action or purpose in life that generally provides income
Mortgage
Career
Mortgage
Credit Card
25. Wages or salary before deductions for taxes and other purposes.
Expenses
Goal
Fraud Risk
Gross income
26. 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.
Fixed expenses
Charitable Giving
Annuity
Copayment
27. 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.
Income
Medicare
Closing Costs
Budget
28. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Debit card
Individual Retirement Account (IRA)
Income
Landlord
29. Someone who knowingly deceives you for their own personal gain.
Rule of 72
Fraud
Ethics
Nonprofit organization
30. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Individual Retirement Account (IRA)
Gross income
Credit Score/Rating
Reconcile
31. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Interest Rate
Landlord
Check
Morals
32. 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.
Social security
401 k
Creditor
Net income
33. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Check
Reconcile
Progressive tax
Medicare
34. A non-cash contribution to a charitable organization which can be given a cash value.
Dumpster Diving
Credit Card
Credit Score/Rating
Gifts in-kind
35. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Bankruptcy
Nonprofit organization
Hacking
Individual Retirement Account (IRA)
36. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Expenses
Creditor
401 k
Gambling
37. 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.
Credit Score/Rating
Fraud Risk
Social security
Deductible
38. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Mortgage company
Check
Income
Gross income
39. Money earned from investments and employment.
Income
Expenses
Mortgage company
Checking account
40. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Hacking
Closing Costs
Gross income
Interest Rate
41. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Mortgage
Dumpster Diving
Interest Rate
Goal setting
42. 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.
Credit Card
Individual Retirement Account (IRA)
Nonprofit organization
Social security
43. A person who pays rent; the legal name for a renter.
Tenant
Reconcile
Fraud Risk
Premium
44. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Variable expenses
Individual Retirement Account (IRA)
Tax Deduction
Simple Interest
45. A legal organization providing services or activities without commercial or monetary gain.
Mortgage
Closing Costs
Nonprofit organization
Identity Theft
46. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Gifts in-kind
Principal
Fraud Risk
Mortgage
47. The percentage of the costs of medical services paid by the patient.
Coinsurance
Landlord
Debit card
Benefits-received principle
48. Anything subtracted from your gross income.
Deductions
Debit card
Ethics
Interest
49. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Interest
Credit Bureau
Goal setting
Deductible
50. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Credit Report
Deductions
Saving
Credit Score/Rating