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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. How fast money in savings account or investment grows.






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






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






5. A company that makes loans for the purchase of a house or other real estate.






6. Money earned from investments and employment.






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






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






9. 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.






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






11. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.






12. 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.






13. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.






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






15. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.






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






17. Anything subtracted from your gross income.






18. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)






19. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.






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






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






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






23. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.






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






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






26. The chance that an investment has been misrepresented.






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






28. 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.






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






30. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)






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.






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






33. Taking risks with personal finances or personal assets






34. 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.






35. 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.






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






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






38. 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.






39. Anything subtracted from your gross income.






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






41. Wages or salary before deductions for taxes and other purposes.






42. 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.






43. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)






44. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)






45. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.






46. A measure of the uncertainty of an investment's rate of return; possible losses.






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






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






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






50. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.







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