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






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






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






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






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






6. 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.






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






8. The original amount of money deposited or invested.






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






11. 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.






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






13. 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.






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






15. 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.






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






17. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends






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






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






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






21. The chance that an investment has been misrepresented.






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






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






24. The chance that an investment has been misrepresented.






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






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






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






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






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






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






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






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






33. 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.






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






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






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






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






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






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






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






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






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






43. 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.






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






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






46. Taking risks with personal finances or personal assets






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






48. 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.






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






50. 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.