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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. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Variable expenses
Hacking
Medicare
Fixed expenses
2. Costs paid when buying a house or real estate.
Checking account
Morals
Closing Costs
Credit union
3. A person or company to whom money is owed.
Mortgage company
Copayment
Fraud Risk
Creditor
4. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Opportunity Cost
Bankruptcy
Simple Interest
Rule of 72
5. 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.
Hacking
Annuity
Premium
Interest
6. Money earned from investments and employment.
Income
Tenant
Check
Social security
7. A long-term loan to buy real estate including land and the structures on it.
Checking account
Risk
Mortgage
Gross income
8. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Fraud Risk
Charitable Giving
Saving
401 k
9. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
401 k
Credit union
Charitable Giving
Interest
10. A non-cash contribution to a charitable organization which can be given a cash value.
Risk
Net income
Gifts in-kind
Mortgage company
11. 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
Saving
Simple Interest
Credit union
12. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Simple Interest
Credit Bureau
Consumer Credit Counseling
Morals
13. A non-cash contribution to a charitable organization which can be given a cash value.
Premium
Gifts in-kind
Saving
Bankruptcy
14. A person who pays rent; the legal name for a renter.
Mortgage company
Consumer Credit Counseling
Principal
Tenant
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.
Fraud
Budget
Net income
Credit Card
16. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Credit Card
Copayment
Benefits-received principle
Ethics
17. Payment for the use of someone else's money
Credit Bureau
Interest Rate
Budget
Interest
18. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Credit
Debit card
Bankruptcy
Income
19. A purposeful course of action or purpose in life that generally provides income
Savings Accounts
Career
Dumpster Diving
Annuity
20. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Ethics
Rate of Return
Identity Theft
Charitable Giving
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.
Probability
Reconcile
Closing Costs
Credit
22. The original amount of money deposited or invested.
401 k
Saving
Principal
Gambling
23. A legal organization providing services or activities without commercial or monetary gain.
Gross income
Debit card
Nonprofit organization
Risk
24. Payment for the use of someone else's money
Interest
Probability
Net income
Gambling
25. Someone who knowingly deceives you for their own personal gain.
Net income
Progressive tax
Charitable Giving
Fraud
26. Taking risks with personal finances or personal assets
Coinsurance
Dumpster Diving
Gambling
Deductible
27. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Probability
Reconcile
Gross income
Nonprofit organization
28. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Variable expenses
Reconcile
Lease
Morals
29. An establishment that collects and distributes credit history info. of individuals & business.
Gambling
Savings Accounts
Credit Card
Credit Bureau
30. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Probability
Savings Accounts
Interest Rate
Lease
31. 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.
Annuity
Individual Retirement Account (IRA)
401 k
Credit Score/Rating
32. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Income
Gambling
Goal setting
Medicare
33. The act of giving to charitable organizations or to those in need.
Bankruptcy
Identity Theft
Probability
Charitable Giving
34. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Coinsurance
Consumer Credit Counseling
Simple Interest
Landlord
35. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Fraud
Fixed expenses
Reconcile
Fraud Risk
36. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Deductions
Landlord
Income
Mortgage
37. 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.
Credit Score/Rating
Tenant
Progressive tax
Lease
38. The percentage of the costs of medical services paid by the patient.
Checking account
Coinsurance
Income
Identity Theft
39. Someone who knowingly deceives you for their own personal gain.
Fraud Risk
Social security
Fraud
Social security
40. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Interest Rate
Interest
Fixed expenses
Consumer Credit Counseling
41. A bank or credit union account that allows withdrawals by writing a check.
Closing Costs
Checking account
Variable expenses
Opportunity Cost
42. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Expenses
Gambling
Closing Costs
Tax Deduction
43. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Checking account
Rule of 72
Goal setting
Premium
44. 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)
Principal
Medicare
Dumpster Diving
Progressive tax
45. A purposeful course of action or purpose in life that generally provides income
Career
Bankruptcy
Budget
Tax Deduction
46. A person who owns property and rents it to another.
Landlord
Closing Costs
Mortgage
Mortgage company
47. Anything subtracted from your gross income.
Nonprofit organization
Expenses
Credit Card
Deductions
48. 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.
Net income
Social security
Income
Benefits-received principle
49. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Annuity
Benefits-received principle
Deductible
Premium
50. A person who pays rent; the legal name for a renter.
Credit Score/Rating
Income
Budget
Tenant