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






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






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






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






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






6. 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.






7. How fast money in savings account or investment grows.






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






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






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






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






12. The percentage of the costs of medical services paid by the patient.






13. How fast money in savings account or investment grows.






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






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






16. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.






17. 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.






18. The percentage of the costs of medical services paid by the patient.






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






20. The value of the second-best alternative that a person gives up when making one choice instead of another.






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






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






23. The chance that an investment has been misrepresented.






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






25. Taking risks with personal finances or personal assets






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






27. The chance that an investment has been misrepresented.






28. The chance or likelihood that something will happen.






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






30. 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.






31. 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.






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






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






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






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






37. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.






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






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






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






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






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






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






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






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






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






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






48. The original amount of money deposited or invested.






49. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.






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