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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. The percentage of the costs of medical services paid by the patient.
Dumpster Diving
Goal setting
Career
Coinsurance
2. A legal organization providing services or activities without commercial or monetary gain.
Nonprofit organization
Credit union
Social security
Tenant
3. An establishment that collects and distributes credit history info. of individuals & business.
Credit Bureau
Risk
Fraud
Dumpster Diving
4. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Tax Deduction
Tenant
Credit
Consumer Credit Counseling
5. The value of the second-best alternative that a person gives up when making one choice instead of another.
Opportunity Cost
Expenses
Nonprofit organization
Deductible
6. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Mortgage
Fraud Risk
Goal
Probability
7. 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.
Bankruptcy
Reconcile
Annuity
Income
8. 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.
Closing Costs
Credit Score/Rating
Social security
Dumpster Diving
9. 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.
Credit Score/Rating
Credit union
Credit
Copayment
10. The original amount of money deposited or invested.
Probability
Deductible
Creditor
Principal
11. A long-term loan to buy real estate including land and the structures on it.
Dumpster Diving
Mortgage
Identity Theft
Credit Bureau
12. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Simple Interest
Savings Accounts
Saving
Landlord
13. 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.
Credit Card
Charitable Giving
401 k
Credit union
14. 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.
Tax Deduction
Saving
Lease
Gross income
15. 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 Card
Bankruptcy
Mortgage
Nonprofit organization
16. 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.
Gifts in-kind
Rule of 72
Credit Card
Expenses
17. Payment for the use of someone else's money
Consumer Credit Counseling
Gifts in-kind
Fraud Risk
Interest
18. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Hacking
Gross income
Medicare
Dumpster Diving
19. The fee paid for insurance protection.
Annuity
Interest Rate
Ethics
Premium
20. 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.
Identity Theft
Credit Score/Rating
Saving
Nonprofit organization
21. A person or company to whom money is owed.
Saving
Copayment
Creditor
Nonprofit organization
22. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Opportunity Cost
Fixed expenses
Copayment
Credit Report
23. The value of the second-best alternative that a person gives up when making one choice instead of another.
Credit Bureau
Opportunity Cost
Savings Accounts
Saving
24. Someone who knowingly deceives you for their own personal gain.
Fraud
Credit union
Expenses
Budget
25. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Nonprofit organization
Goal
Tax Deduction
Savings Accounts
26. A company that makes loans for the purchase of a house or other real estate.
Progressive tax
Deductible
Copayment
Mortgage company
27. Anything subtracted from your gross income.
Deductions
Progressive tax
Savings Accounts
Social security
28. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Landlord
Check
Ethics
Rate of Return
29. Payment for the use of someone else's money
Bankruptcy
Nonprofit organization
Interest
Fraud
30. The act of giving to charitable organizations or to those in need.
Dumpster Diving
Expenses
Tenant
Charitable Giving
31. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Progressive tax
Variable expenses
Dumpster Diving
Copayment
32. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Reconcile
Rate of Return
Creditor
Copayment
33. A person or company to whom money is owed.
Bankruptcy
Creditor
Medicare
Mortgage
34. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Charitable Giving
Reconcile
Probability
Goal setting
35. The act of giving to charitable organizations or to those in need.
Fixed expenses
Charitable Giving
Gifts in-kind
Dumpster Diving
36. Taking risks with personal finances or personal assets
Coinsurance
Credit Card
Credit Bureau
Gambling
37. How fast money in savings account or investment grows.
Rate of Return
Identity Theft
Risk
Probability
38. 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)
Closing Costs
Progressive tax
Credit Score/Rating
Fraud
39. 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.
Fraud Risk
Simple Interest
Check
Rule of 72
40. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Income
Lease
Dumpster Diving
Copayment
41. A company that makes loans for the purchase of a house or other real estate.
401 k
Credit
Credit Score/Rating
Mortgage company
42. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Medicare
Savings Accounts
Budget
Credit Report
43. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Simple Interest
Debit card
Gambling
Expenses
44. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Rule of 72
Medicare
Ethics
Opportunity Cost
45. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Premium
Checking account
Benefits-received principle
Probability
46. The chance that an investment has been misrepresented.
Mortgage
Deductions
Fraud Risk
Credit Card
47. 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
Saving
Fixed expenses
Lease
48. A measure of the uncertainty of an investment's rate of return; possible losses.
Credit union
Fraud Risk
Identity Theft
Risk
49. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Identity Theft
Rule of 72
Medicare
Bankruptcy
50. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Net income
Identity Theft
Mortgage company
Rule of 72