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Financial Literacy Vocab

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.






2. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends






3. A person who owns property and rents it to another.






4. Someone who rummages through your trash looking for bills or other paper with your personal information on it.






5. Costs paid when buying a house or real estate.






6. A person who owns property and rents it to another.






7. The chance that an investment has been misrepresented.






8. The percentage of the costs of medical services paid by the patient.






9. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.






10. A purposeful course of action or purpose in life that generally provides income






11. A company that makes loans for the purchase of a house or other real estate.






12. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.






13. The act of giving to charitable organizations or to those in need.






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.






15. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.






16. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends






17. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.






18. An amount of money that the member or insured pays directly to a provider at the time services are rendered.






19. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.






20. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.






21. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.






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.






23. The fee paid for insurance protection.






24. A purposeful course of action or purpose in life that generally provides income






25. Wages or salary before deductions for taxes and other purposes.






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.






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.






28. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.






29. Someone who knowingly deceives you for their own personal gain.






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.






31. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.






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.






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.






34. A non-cash contribution to a charitable organization which can be given a cash value.






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.






36. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).






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.






38. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.






39. Money earned from investments and employment.






40. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.






41. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.






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.






43. A person who pays rent; the legal name for a renter.






44. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.






45. A legal organization providing services or activities without commercial or monetary gain.






46. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.






47. The percentage of the costs of medical services paid by the patient.






48. Anything subtracted from your gross income.






49. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.






50. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.