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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 purposeful course of action or purpose in life that generally provides income
Coinsurance
Career
Deductions
Bankruptcy
2. An establishment that collects and distributes credit history info. of individuals & business.
Credit Bureau
Income
Identity Theft
Goal
3. 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.
Income
Credit union
Credit
Saving
4. Payment for the use of someone else's money
Interest
Probability
Creditor
Progressive tax
5. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Credit Card
Variable expenses
Deductible
Deductions
6. 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.
Goal setting
Rule of 72
Reconcile
Fraud Risk
7. A company that makes loans for the purchase of a house or other real estate.
Mortgage company
Premium
Consumer Credit Counseling
Gambling
8. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Mortgage
Ethics
Annuity
Check
9. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Income
Income
Social security
Savings Accounts
10. 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.
Gambling
Lease
Fixed expenses
Mortgage
11. The chance that an investment has been misrepresented.
Checking account
Fraud Risk
Saving
Bankruptcy
12. The original amount of money deposited or invested.
Principal
Benefits-received principle
Consumer Credit Counseling
Premium
13. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Goal setting
Savings Accounts
Expenses
Deductible
14. 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
Credit Card
Lease
Deductible
15. 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.
Rate of Return
Mortgage
Lease
Income
16. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Nonprofit organization
Ethics
Income
Ethics
17. A bank or credit union account that allows withdrawals by writing a check.
Deductions
Hacking
Checking account
Expenses
18. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Budget
Mortgage
Interest Rate
Lease
19. The percentage of the costs of medical services paid by the patient.
Morals
Charitable Giving
Coinsurance
Goal
20. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Creditor
Hacking
Benefits-received principle
Probability
21. Costs paid when buying a house or real estate.
Nonprofit organization
Closing Costs
Social security
Landlord
22. A legal organization providing services or activities without commercial or monetary gain.
Nonprofit organization
Social security
Check
Fixed expenses
23. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Rule of 72
Fraud Risk
Check
Variable expenses
24. An establishment that collects and distributes credit history info. of individuals & business.
Credit Report
Nonprofit organization
Credit Bureau
Fixed expenses
25. Wages or salary before deductions for taxes and other purposes.
Gross income
Credit Bureau
Bankruptcy
Medicare
26. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Interest Rate
Debit card
Net income
Individual Retirement Account (IRA)
27. Money earned from investments and employment.
Ethics
Income
Individual Retirement Account (IRA)
Bankruptcy
28. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Fraud Risk
Fixed expenses
Gifts in-kind
Income
29. A person or company to whom money is owed.
Dumpster Diving
Creditor
Identity Theft
Hacking
30. Taking risks with personal finances or personal assets
Hacking
Gambling
Tax Deduction
Budget
31. 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.
Budget
Goal setting
Probability
Rate of Return
32. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Dumpster Diving
Coinsurance
Goal
Landlord
33. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Variable expenses
Expenses
Morals
Mortgage
34. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Expenses
Premium
Reconcile
Medicare
35. 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.
Credit Score/Rating
Credit Report
Nonprofit organization
Coinsurance
36. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Tax Deduction
Dumpster Diving
Credit Card
Consumer Credit Counseling
37. A purposeful course of action or purpose in life that generally provides income
Simple Interest
Gross income
Career
Gross income
38. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Creditor
Social security
Budget
Check
39. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Reconcile
Goal setting
Annuity
Fixed expenses
40. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Reconcile
Deductions
Debit card
Variable expenses
41. A person who owns property and rents it to another.
Landlord
Medicare
Credit
Mortgage
42. 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.
Mortgage company
Income
Morals
401 k
43. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Closing Costs
Social security
Fraud
Variable expenses
44. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Credit Card
Morals
Interest Rate
Principal
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)
Expenses
Identity Theft
Variable expenses
Benefits-received principle
46. The percentage of the costs of medical services paid by the patient.
Coinsurance
Risk
Career
Gifts in-kind
47. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Goal setting
Gross income
Bankruptcy
Credit Score/Rating
48. Payment for the use of someone else's money
Progressive tax
Interest
Saving
Hacking
49. The fee paid for insurance protection.
Income
Credit
Career
Premium
50. The original amount of money deposited or invested.
Credit Bureau
Reconcile
Annuity
Principal