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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. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Identity Theft
Mortgage company
Saving
Bankruptcy
2. How fast money in savings account or investment grows.
Simple Interest
Credit
Rate of Return
Savings Accounts
3. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Rule of 72
Rate of Return
Income
Goal
4. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Probability
Fixed expenses
Expenses
Simple Interest
5. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Fraud
Benefits-received principle
Deductible
Principal
6. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Credit Bureau
Consumer Credit Counseling
Gambling
Morals
7. A non-cash contribution to a charitable organization which can be given a cash value.
Creditor
Fraud
Gross income
Gifts in-kind
8. A legal organization providing services or activities without commercial or monetary gain.
Saving
Credit Score/Rating
Nonprofit organization
Individual Retirement Account (IRA)
9. 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 Bureau
Morals
Credit Score/Rating
10. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Simple Interest
Identity Theft
Ethics
Fraud
11. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Social security
Consumer Credit Counseling
Individual Retirement Account (IRA)
Career
12. Someone who knowingly deceives you for their own personal gain.
Bankruptcy
Fraud
Reconcile
Copayment
13. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Lease
Individual Retirement Account (IRA)
Dumpster Diving
Consumer Credit Counseling
14. A person who pays rent; the legal name for a renter.
Tenant
Social security
Coinsurance
Rule of 72
15. 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.
Creditor
Income
Credit Report
Deductible
16. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Tenant
Dumpster Diving
Reconcile
Coinsurance
17. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Creditor
Risk
Probability
Copayment
18. Money earned from investments and employment.
Interest
Saving
Income
Checking account
19. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Gifts in-kind
Expenses
Savings Accounts
Credit Report
20. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Interest Rate
401 k
Bankruptcy
Credit Bureau
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.
Social security
Principal
Reconcile
Interest Rate
22. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Gross income
Identity Theft
Check
Variable expenses
23. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Reconcile
Credit Card
Credit Score/Rating
Mortgage
24. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Interest Rate
Reconcile
Simple Interest
Gross income
25. Money earned from investments and employment.
Nonprofit organization
Premium
Principal
Income
26. 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.
Landlord
Rule of 72
401 k
Check
27. Wages or salary before deductions for taxes and other purposes.
Income
Credit Score/Rating
Mortgage
Gross income
28. A company that makes loans for the purchase of a house or other real estate.
Debit card
Ethics
Fixed expenses
Mortgage company
29. The chance or likelihood that something will happen.
Interest Rate
Probability
Gambling
Gifts in-kind
30. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Checking account
Goal setting
Creditor
Deductions
31. A plastic card used to deduct a purchase amount directly from your checking account.
Probability
Mortgage
Budget
Debit card
32. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Rule of 72
Fraud Risk
Career
Morals
33. A measure of the uncertainty of an investment's rate of return; possible losses.
Risk
Fixed expenses
Individual Retirement Account (IRA)
Consumer Credit Counseling
34. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Principal
Morals
401 k
Medicare
35. The chance that an investment has been misrepresented.
Tax Deduction
Fixed expenses
Fraud Risk
Interest Rate
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.
Annuity
Rate of Return
Credit Score/Rating
Bankruptcy
37. A company that makes loans for the purchase of a house or other real estate.
Mortgage company
Credit union
Bankruptcy
Credit Score/Rating
38. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Credit Score/Rating
Tenant
Credit union
Risk
39. Taking risks with personal finances or personal assets
Copayment
Gambling
Benefits-received principle
Social security
40. 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.
Debit card
Credit Report
Goal
Fraud Risk
41. 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
Credit Report
Check
Medicare
42. 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.
Check
Interest
Lease
Checking account
43. 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.
Premium
Credit Report
Credit
Consumer Credit Counseling
44. The original amount of money deposited or invested.
Check
Principal
Deductible
Nonprofit organization
45. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Debit card
Fixed expenses
Gifts in-kind
Creditor
46. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Landlord
Individual Retirement Account (IRA)
Check
Reconcile
47. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Medicare
Annuity
Probability
Mortgage
48. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Identity Theft
Check
Interest Rate
Savings Accounts
49. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Consumer Credit Counseling
Savings Accounts
Bankruptcy
Mortgage
50. A bank or credit union account that allows withdrawals by writing a check.
Lease
Income
Premium
Checking account