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






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






3. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.






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






5. 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.






6. 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.






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






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






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






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






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






12. An establishment that collects and distributes credit history info. of individuals & business.






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






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






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






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






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






18. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.






19. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.






20. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.






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






22. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.






23. 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.






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






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






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






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






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






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






30. 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.






31. The fee paid for insurance protection.






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






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






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






35. The chance that an investment has been misrepresented.






36. 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.






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






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






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






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






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






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






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






44. 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.






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






46. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.






47. 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.






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






49. 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.






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