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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 set of principles or beliefs that govern an individual's actions.
Income
Risk
Ethics
Goal
2. Costs paid when buying a house or real estate.
Credit union
Closing Costs
Goal
Mortgage company
3. A set of principles or beliefs that govern an individual's actions.
Interest
Ethics
Gross income
Rule of 72
4. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Expenses
Savings Accounts
Check
Goal
5. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Credit
Income
Probability
Credit union
6. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Risk
Goal setting
Rule of 72
Social security
7. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Consumer Credit Counseling
Benefits-received principle
Morals
Credit Bureau
8. A company that makes loans for the purchase of a house or other real estate.
Probability
Interest Rate
Credit union
Mortgage company
9. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Savings Accounts
Credit Score/Rating
Lease
Expenses
10. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Benefits-received principle
Mortgage
Net income
Rule of 72
11. Payment for the use of someone else's money
Credit union
Interest
Savings Accounts
Goal setting
12. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Net income
Budget
Fixed expenses
Lease
13. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Creditor
Interest Rate
Credit Card
Saving
14. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Income
Reconcile
Social security
Credit Report
15. The fee paid for insurance protection.
Interest
Premium
Opportunity Cost
Probability
16. The value of the second-best alternative that a person gives up when making one choice instead of another.
Opportunity Cost
Credit union
Fraud Risk
Credit Card
17. The percentage of the costs of medical services paid by the patient.
Check
Interest
Coinsurance
Rule of 72
18. The chance that an investment has been misrepresented.
Net income
Rate of Return
Fraud Risk
Rate of Return
19. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Credit Report
Copayment
Gifts in-kind
Debit card
20. The fee paid for insurance protection.
Premium
Credit
Gambling
Income
21. Someone who knowingly deceives you for their own personal gain.
Reconcile
Debit card
Fraud
Gross income
22. Costs paid when buying a house or real estate.
Credit Score/Rating
Goal
Net income
Closing Costs
23. 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.
Fraud
Individual Retirement Account (IRA)
Saving
Lease
24. 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.
Dumpster Diving
Benefits-received principle
Credit
Annuity
25. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Fraud Risk
Risk
Credit
Individual Retirement Account (IRA)
26. Payment for the use of someone else's money
Saving
Deductions
Interest
Closing Costs
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.
Debit card
Goal setting
Budget
Savings Accounts
28. 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.
Gross income
Ethics
Lease
Reconcile
29. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Credit
Hacking
Interest
Probability
30. Wages or salary before deductions for taxes and other purposes.
Check
Gross income
Consumer Credit Counseling
Credit Card
31. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Dumpster Diving
Progressive tax
Charitable Giving
Deductions
32. Wages or salary before deductions for taxes and other purposes.
Gross income
Medicare
Mortgage
Individual Retirement Account (IRA)
33. 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.
Tenant
Probability
Annuity
Closing Costs
34. 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.
Medicare
Interest
Social security
Budget
35. The original amount of money deposited or invested.
Principal
Copayment
Identity Theft
Premium
36. 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)
Probability
Opportunity Cost
Progressive tax
Closing Costs
37. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Hacking
Savings Accounts
Annuity
Progressive tax
38. An establishment that collects and distributes credit history info. of individuals & business.
Interest
Credit Score/Rating
Goal setting
Credit Bureau
39. 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.
Career
Individual Retirement Account (IRA)
Check
Credit Score/Rating
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.
Check
Credit union
Deductions
Credit Report
41. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Mortgage
Saving
Coinsurance
Medicare
42. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Benefits-received principle
Bankruptcy
Budget
Deductible
43. A bank or credit union account that allows withdrawals by writing a check.
Gross income
Credit
Mortgage
Checking account
44. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Nonprofit organization
Closing Costs
Hacking
Consumer Credit Counseling
45. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Consumer Credit Counseling
Medicare
Nonprofit organization
Fraud Risk
46. A non-cash contribution to a charitable organization which can be given a cash value.
Credit Report
Gifts in-kind
Opportunity Cost
Fraud Risk
47. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Identity Theft
Debit card
Saving
Expenses
48. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Goal
Morals
Budget
Rate of Return
49. A person who owns property and rents it to another.
Interest
Interest
Fixed expenses
Landlord
50. Money earned from investments and employment.
Income
Individual Retirement Account (IRA)
Coinsurance
Debit card