Test your basic knowledge |

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. Costs paid when buying a house or real estate.






2. 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.






3. A bank or credit union account that allows withdrawals by writing a check.






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






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






6. The fee paid for insurance protection.






7. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).






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






9. Money earned from investments and employment.






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






11. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.






12. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.






13. A plastic card used to deduct a purchase amount directly from your checking account.






14. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.






15. 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.






16. 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.






17. Payment for the use of someone else's money






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






19. 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)






20. Anything subtracted from your gross income.






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






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






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






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






25. Using a person's name or personal information without the person's permission to steal money or get other benefit.






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






27. The original amount of money deposited or invested.






28. Money earned from investments and employment.






29. The chance that an investment has been misrepresented.






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






31. A set of principles or beliefs that govern an individual's actions.






32. A person or company to whom money is owed.






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






34. 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)






35. The chance or likelihood that something will happen.






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






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






38. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.






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






40. A plastic card used to deduct a purchase amount directly from your checking account.






41. 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.






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






43. The chance or likelihood that something will happen.






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






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






46. The original amount of money deposited or invested.






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






48. A long-term loan to buy real estate including land and the structures on it.






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






50. Using a person's name or personal information without the person's permission to steal money or get other benefit.