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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 chance that an investment has been misrepresented.
Nonprofit organization
Credit union
Fraud Risk
Goal setting
2. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
401 k
Goal setting
Mortgage company
Progressive tax
3. The original amount of money deposited or invested.
Principal
Medicare
Saving
Lease
4. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Mortgage
Individual Retirement Account (IRA)
Tax Deduction
Creditor
5. Wages or salary before deductions for taxes and other purposes.
Copayment
Income
Credit union
Gross income
6. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Gross income
Mortgage
Savings Accounts
Variable expenses
7. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Identity Theft
Social security
Identity Theft
Simple Interest
8. The percentage of the costs of medical services paid by the patient.
Mortgage company
Coinsurance
Lease
Identity Theft
9. Costs paid when buying a house or real estate.
Creditor
Benefits-received principle
Interest Rate
Closing Costs
10. Wages or salary before deductions for taxes and other purposes.
Goal
Gifts in-kind
Fraud Risk
Gross income
11. 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.
Annuity
Tenant
Landlord
Mortgage company
12. Anything subtracted from your gross income.
Credit Score/Rating
Credit Report
Deductions
Hacking
13. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Check
Interest Rate
Annuity
Career
14. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Credit union
Consumer Credit Counseling
Gambling
Bankruptcy
15. Money earned from investments and employment.
Income
Gifts in-kind
Social security
Morals
16. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Interest Rate
Ethics
Saving
Income
17. The act of giving to charitable organizations or to those in need.
Charitable Giving
Budget
Fraud Risk
Credit union
18. 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.
Copayment
Income
Credit
Landlord
19. A person or company to whom money is owed.
Closing Costs
Credit
Budget
Creditor
20. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Mortgage
Check
Interest
Net income
21. The percentage of the costs of medical services paid by the patient.
Tenant
Tax Deduction
Coinsurance
Expenses
22. The fee paid for insurance protection.
Progressive tax
Premium
Consumer Credit Counseling
Interest
23. A purposeful course of action or purpose in life that generally provides income
Career
Creditor
Rate of Return
Hacking
24. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Identity Theft
Credit
Credit Bureau
Simple Interest
25. The chance or likelihood that something will happen.
Income
Interest
Social security
Probability
26. A non-cash contribution to a charitable organization which can be given a cash value.
Closing Costs
Gambling
Gifts in-kind
Gross income
27. 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.
Deductions
Savings Accounts
Credit Report
Bankruptcy
28. A person who owns property and rents it to another.
Identity Theft
Credit Card
Landlord
Nonprofit organization
29. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Goal
Income
Dumpster Diving
Individual Retirement Account (IRA)
30. 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.
Mortgage company
Reconcile
Income
Credit Score/Rating
31. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Mortgage
Mortgage
Net income
Social security
32. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Medicare
Checking account
Dumpster Diving
Mortgage
33. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Morals
Mortgage company
Landlord
Credit Card
34. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Gross income
Credit union
Expenses
Tenant
35. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Morals
Variable expenses
Social security
Copayment
36. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Savings Accounts
Nonprofit organization
Copayment
Closing Costs
37. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Mortgage company
Saving
Income
Budget
38. A person who pays rent; the legal name for a renter.
Tax Deduction
Medicare
Credit Bureau
Tenant
39. The chance or likelihood that something will happen.
Credit Card
Probability
Checking account
Expenses
40. Payment for the use of someone else's money
Fraud Risk
Saving
Interest
Credit
41. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Gross income
Check
Lease
Nonprofit organization
42. 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)
Credit Bureau
Progressive tax
Risk
Nonprofit organization
43. Anything subtracted from your gross income.
Fraud Risk
Deductions
Charitable Giving
Budget
44. How fast money in savings account or investment grows.
Coinsurance
Credit Card
Rate of Return
Interest
45. An establishment that collects and distributes credit history info. of individuals & business.
Credit Bureau
Closing Costs
Ethics
Mortgage
46. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Reconcile
Hacking
Premium
Credit Report
47. Taking risks with personal finances or personal assets
Mortgage
Mortgage
Gambling
Gifts in-kind
48. The fee paid for insurance protection.
Goal
Premium
Coinsurance
Rule of 72
49. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Mortgage
Ethics
Morals
Income
50. A legal organization providing services or activities without commercial or monetary gain.
Fixed expenses
Reconcile
Fixed expenses
Nonprofit organization