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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. 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)
Probability
Debit card
Progressive tax
Nonprofit organization
2. The original amount of money deposited or invested.
Income
Principal
Tenant
Morals
3. Money earned from investments and employment.
Income
Savings Accounts
Credit Score/Rating
Mortgage company
4. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Debit card
Credit union
Saving
Credit Report
5. Taking risks with personal finances or personal assets
Gambling
Credit Card
Mortgage
Hacking
6. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Gross income
Consumer Credit Counseling
Hacking
Risk
7. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Goal
Annuity
Gambling
Annuity
8. A person who pays rent; the legal name for a renter.
Premium
Checking account
Credit union
Tenant
9. The percentage of the costs of medical services paid by the patient.
Consumer Credit Counseling
Credit Score/Rating
Coinsurance
Goal
10. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Tax Deduction
Mortgage
Savings Accounts
Saving
11. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Identity Theft
Bankruptcy
Simple Interest
Deductions
12. The chance or likelihood that something will happen.
Income
Probability
Annuity
Gambling
13. Costs paid when buying a house or real estate.
Closing Costs
Variable expenses
Tax Deduction
Ethics
14. Payment for the use of someone else's money
Charitable Giving
Copayment
Rate of Return
Interest
15. Taking risks with personal finances or personal assets
Career
Probability
Checking account
Gambling
16. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Opportunity Cost
Credit Score/Rating
Medicare
Nonprofit organization
17. 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.
Charitable Giving
Credit
Mortgage
Credit Card
18. The original amount of money deposited or invested.
Copayment
Risk
Progressive tax
Principal
19. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Net income
Creditor
Social security
Credit Card
20. A plastic card used to deduct a purchase amount directly from your checking account.
Tax Deduction
Opportunity Cost
Debit card
Annuity
21. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Morals
Medicare
Consumer Credit Counseling
Deductible
22. A long-term loan to buy real estate including land and the structures on it.
Premium
Rate of Return
Variable expenses
Mortgage
23. How fast money in savings account or investment grows.
Simple Interest
Fixed expenses
Variable expenses
Rate of Return
24. 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.
Individual Retirement Account (IRA)
Social security
Deductible
Medicare
25. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Tax Deduction
Credit Card
Dumpster Diving
Check
26. A legal organization providing services or activities without commercial or monetary gain.
Nonprofit organization
Benefits-received principle
Tenant
Checking account
27. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Hacking
Rate of Return
401 k
Simple Interest
28. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Saving
Simple Interest
Consumer Credit Counseling
Goal
29. The chance that an investment has been misrepresented.
401 k
Reconcile
Fraud Risk
Goal setting
30. The act of giving to charitable organizations or to those in need.
Nonprofit organization
Net income
Morals
Charitable Giving
31. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Consumer Credit Counseling
Reconcile
Credit
Net income
32. 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.
Copayment
Ethics
Rule of 72
Principal
33. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Mortgage
Mortgage
Annuity
Fixed expenses
34. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Gambling
Credit union
Morals
Copayment
35. 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.
Rate of Return
Creditor
Credit Report
Lease
36. An establishment that collects and distributes credit history info. of individuals & business.
Credit Bureau
401 k
Tenant
Check
37. A set of principles or beliefs that govern an individual's actions.
Tenant
Ethics
Premium
Check
38. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Bankruptcy
Credit Score/Rating
Fixed expenses
Dumpster Diving
39. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Tax Deduction
Savings Accounts
Checking account
Variable expenses
40. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Dumpster Diving
Landlord
Checking account
Saving
41. The chance that an investment has been misrepresented.
Rate of Return
Creditor
Fraud Risk
Lease
42. A purposeful course of action or purpose in life that generally provides income
Fixed expenses
Deductions
Debit card
Career
43. 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.
Social security
Identity Theft
Credit Report
Income
44. A person who pays rent; the legal name for a renter.
Tenant
Lease
Career
Deductions
45. The fee paid for insurance protection.
Credit Report
Interest
Premium
Fixed expenses
46. A non-cash contribution to a charitable organization which can be given a cash value.
Gifts in-kind
Rate of Return
Dumpster Diving
Fraud Risk
47. 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.
Savings Accounts
Credit Score/Rating
Medicare
Hacking
48. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Debit card
401 k
Interest
Dumpster Diving
49. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Variable expenses
Mortgage
Expenses
Simple Interest
50. 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 Report
401 k
Individual Retirement Account (IRA)
Credit Card