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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 person or company to whom money is owed.
Goal setting
Creditor
Copayment
Credit Card
2. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Copayment
Credit Score/Rating
Rule of 72
Credit Card
3. The original amount of money deposited or invested.
Benefits-received principle
Income
Principal
Credit Score/Rating
4. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Consumer Credit Counseling
Saving
Fixed expenses
Identity Theft
5. 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.
Hacking
Interest
Budget
Deductible
6. Costs paid when buying a house or real estate.
401 k
Saving
Credit union
Closing Costs
7. The fee paid for insurance protection.
Debit card
Premium
Variable expenses
Career
8. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Mortgage
Check
401 k
Benefits-received principle
9. A long-term loan to buy real estate including land and the structures on it.
Credit Card
Mortgage
Identity Theft
Premium
10. 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.
Credit Report
Rule of 72
Lease
Creditor
11. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Closing Costs
Copayment
Goal setting
Fixed expenses
12. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Gross income
Mortgage
Fraud Risk
Individual Retirement Account (IRA)
13. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Bankruptcy
Principal
Mortgage
Variable expenses
14. 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.
Credit Report
Fraud
Social security
Check
15. A legal organization providing services or activities without commercial or monetary gain.
Dumpster Diving
Deductions
Nonprofit organization
Credit
16. Taking risks with personal finances or personal assets
Principal
Nonprofit organization
Gambling
Credit Report
17. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Closing Costs
Fraud Risk
Saving
Individual Retirement Account (IRA)
18. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Consumer Credit Counseling
Probability
Goal
401 k
19. A purposeful course of action or purpose in life that generally provides income
Credit Score/Rating
Probability
Career
Income
20. The chance that an investment has been misrepresented.
Fraud Risk
Mortgage
Expenses
Credit Report
21. 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.
Simple Interest
Coinsurance
Deductions
401 k
22. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Tax Deduction
Premium
Simple Interest
Closing Costs
23. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Risk
Benefits-received principle
Credit Card
Goal
24. A person who owns property and rents it to another.
Social security
Hacking
Landlord
Individual Retirement Account (IRA)
25. The chance or likelihood that something will happen.
Consumer Credit Counseling
Credit Card
Probability
Closing Costs
26. Taking risks with personal finances or personal assets
Gambling
Deductions
Fraud
Income
27. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Copayment
Bankruptcy
Creditor
Individual Retirement Account (IRA)
28. The act of giving to charitable organizations or to those in need.
Deductions
Credit Score/Rating
Morals
Charitable Giving
29. A person or company to whom money is owed.
Deductible
Creditor
401 k
Coinsurance
30. A measure of the uncertainty of an investment's rate of return; possible losses.
Risk
Goal setting
Individual Retirement Account (IRA)
Hacking
31. 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.
Progressive tax
Fixed expenses
Credit
Social security
32. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Copayment
Charitable Giving
Net income
Fixed expenses
33. A plastic card used to deduct a purchase amount directly from your checking account.
Gifts in-kind
Nonprofit organization
Probability
Debit card
34. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Credit Card
Social security
Gross income
Dumpster Diving
35. A person who owns property and rents it to another.
Landlord
Progressive tax
Credit Card
Income
36. How fast money in savings account or investment grows.
Deductible
Annuity
Net income
Rate of Return
37. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Identity Theft
Saving
Simple Interest
Credit union
38. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Tax Deduction
Principal
Gambling
Nonprofit organization
39. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Benefits-received principle
Variable expenses
Progressive tax
Social security
40. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Individual Retirement Account (IRA)
Coinsurance
Savings Accounts
Nonprofit organization
41. The value of the second-best alternative that a person gives up when making one choice instead of another.
Mortgage
Check
Opportunity Cost
Dumpster Diving
42. The percentage of the costs of medical services paid by the patient.
Career
Credit Score/Rating
Charitable Giving
Coinsurance
43. 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.
Interest
Opportunity Cost
Annuity
Rule of 72
44. The chance that an investment has been misrepresented.
Check
Goal setting
Fraud Risk
Risk
45. The act of giving to charitable organizations or to those in need.
Risk
Reconcile
Charitable Giving
Mortgage
46. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Landlord
Income
Saving
Creditor
47. Anything subtracted from your gross income.
Deductions
Dumpster Diving
Tenant
Annuity
48. 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.
Benefits-received principle
Budget
Simple Interest
Opportunity Cost
49. An establishment that collects and distributes credit history info. of individuals & business.
Risk
Credit Bureau
Net income
Rule of 72
50. The chance or likelihood that something will happen.
Tenant
Opportunity Cost
Identity Theft
Probability