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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. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Gambling
Medicare
Individual Retirement Account (IRA)
Checking account
2. A purposeful course of action or purpose in life that generally provides income
Nonprofit organization
Career
Gross income
Mortgage
3. 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.
Fixed expenses
Probability
Gifts in-kind
401 k
4. An establishment that collects and distributes credit history info. of individuals & business.
Copayment
Fixed expenses
Credit Bureau
Interest Rate
5. 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.
Hacking
Credit
Gambling
Debit card
6. The chance or likelihood that something will happen.
Probability
Credit Card
Progressive tax
Income
7. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Social security
Bankruptcy
Fraud Risk
Net income
8. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Income
Savings Accounts
Deductible
Fixed expenses
9. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Debit card
Credit Score/Rating
Credit Card
Morals
10. Taking risks with personal finances or personal assets
Identity Theft
Bankruptcy
Gambling
Rule of 72
11. A company that makes loans for the purchase of a house or other real estate.
Mortgage company
Credit Bureau
Net income
Budget
12. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Checking account
Medicare
Probability
Morals
13. 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
Medicare
Saving
Gifts in-kind
14. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Mortgage
Expenses
Copayment
Reconcile
15. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Gambling
Credit
Deductible
Individual Retirement Account (IRA)
16. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Check
Deductions
Risk
401 k
17. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Savings Accounts
Goal
Credit Score/Rating
Interest Rate
18. How fast money in savings account or investment grows.
Rate of Return
Saving
Dumpster Diving
Morals
19. A legal organization providing services or activities without commercial or monetary gain.
Credit
Net income
Nonprofit organization
Annuity
20. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Risk
Identity Theft
Medicare
Benefits-received principle
21. Someone who knowingly deceives you for their own personal gain.
Fraud
Credit union
Goal
Variable expenses
22. The chance that an investment has been misrepresented.
Fraud Risk
Mortgage company
Credit Score/Rating
Goal
23. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Morals
Mortgage
Savings Accounts
Gross income
24. The percentage of the costs of medical services paid by the patient.
Deductible
Budget
Coinsurance
Fraud Risk
25. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Consumer Credit Counseling
Individual Retirement Account (IRA)
Career
Hacking
26. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Saving
Goal setting
Credit Score/Rating
Gross income
27. A plastic card used to deduct a purchase amount directly from your checking account.
Ethics
401 k
Interest Rate
Debit card
28. The original amount of money deposited or invested.
Principal
Medicare
Landlord
Hacking
29. 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
Variable expenses
Income
30. 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.
Morals
Credit
Credit Score/Rating
Tenant
31. 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.
Credit Card
Hacking
Mortgage
Annuity
32. The fee paid for insurance protection.
Savings Accounts
Expenses
Bankruptcy
Premium
33. The original amount of money deposited or invested.
Gross income
Debit card
Principal
Annuity
34. 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
Premium
Credit Card
35. A purposeful course of action or purpose in life that generally provides income
Career
Mortgage company
Interest
Debit card
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)
Landlord
Progressive tax
Mortgage company
Check
37. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Credit Report
Deductions
Goal setting
Gifts in-kind
38. A set of principles or beliefs that govern an individual's actions.
Annuity
Gross income
Ethics
Principal
39. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Expenses
Landlord
Mortgage
Identity Theft
40. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Check
Deductible
Credit Score/Rating
Ethics
41. An establishment that collects and distributes credit history info. of individuals & business.
Income
Credit Bureau
Interest
Credit Score/Rating
42. Payment for the use of someone else's money
Tenant
Interest
Consumer Credit Counseling
Fraud Risk
43. Taking risks with personal finances or personal assets
Credit Score/Rating
Deductible
Gambling
Mortgage
44. A plastic card used to deduct a purchase amount directly from your checking account.
Tax Deduction
Credit Score/Rating
Debit card
Creditor
45. The value of the second-best alternative that a person gives up when making one choice instead of another.
Interest Rate
Opportunity Cost
Gifts in-kind
Individual Retirement Account (IRA)
46. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Social security
Net income
Annuity
Tenant
47. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Gambling
Interest Rate
Hacking
Expenses
48. Costs paid when buying a house or real estate.
Closing Costs
Mortgage
Goal setting
Hacking
49. 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
Gambling
Dumpster Diving
50. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Charitable Giving
Hacking
Dumpster Diving
Landlord