SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Social security
Morals
Identity Theft
Tax Deduction
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.
Credit
Rule of 72
Consumer Credit Counseling
Mortgage
3. The fee paid for insurance protection.
Premium
Coinsurance
Principal
Tenant
4. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Savings Accounts
Medicare
Rule of 72
Simple Interest
5. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Fraud
Credit
Fixed expenses
Simple Interest
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.
Budget
Savings Accounts
Checking account
Mortgage
7. An establishment that collects and distributes credit history info. of individuals & business.
Goal setting
Credit Bureau
Credit Report
Debit card
8. 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.
Variable expenses
Income
Gambling
Credit Report
9. 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.
Annuity
Probability
Fraud
Premium
10. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Expenses
Saving
Benefits-received principle
Progressive tax
11. A measure of the uncertainty of an investment's rate of return; possible losses.
Goal setting
Opportunity Cost
Risk
Deductible
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.
Goal
Net income
Landlord
Savings Accounts
13. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Hacking
Career
Expenses
Gross income
14. The chance that an investment has been misrepresented.
Fraud
Check
Fraud Risk
Reconcile
15. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Benefits-received principle
Mortgage
Variable expenses
Landlord
16. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Net income
Variable expenses
Credit Bureau
Morals
17. 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.
Credit Score/Rating
Expenses
Progressive tax
Bankruptcy
18. A bank or credit union account that allows withdrawals by writing a check.
Nonprofit organization
Checking account
Fixed expenses
Landlord
19. A plastic card used to deduct a purchase amount directly from your checking account.
Charitable Giving
Bankruptcy
Debit card
Credit Score/Rating
20. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Credit Score/Rating
Income
Medicare
Risk
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.
Saving
Dumpster Diving
401 k
Credit Score/Rating
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.
Fixed expenses
Bankruptcy
Interest Rate
Social security
23. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Credit union
Bankruptcy
Tax Deduction
Budget
24. A purposeful course of action or purpose in life that generally provides income
Career
Interest
Credit Bureau
Bankruptcy
25. Money earned from investments and employment.
Interest Rate
Income
Copayment
Check
26. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Consumer Credit Counseling
Landlord
Deductions
Career
27. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Probability
Consumer Credit Counseling
Fixed expenses
Medicare
28. Anything subtracted from your gross income.
Fixed expenses
Income
Deductions
Debit card
29. The percentage of the costs of medical services paid by the patient.
Credit Score/Rating
Coinsurance
Individual Retirement Account (IRA)
Nonprofit organization
30. A person who pays rent; the legal name for a renter.
Tenant
Rule of 72
Credit Bureau
Credit union
31. The chance or likelihood that something will happen.
Interest Rate
Nonprofit organization
Gambling
Probability
32. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Medicare
401 k
Savings Accounts
Consumer Credit Counseling
33. Someone who knowingly deceives you for their own personal gain.
Opportunity Cost
Fraud
Charitable Giving
Saving
34. A legal organization providing services or activities without commercial or monetary gain.
Bankruptcy
Mortgage
Fixed expenses
Nonprofit organization
35. 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.
Credit Card
Credit
Fraud Risk
Credit Bureau
36. Someone who knowingly deceives you for their own personal gain.
Bankruptcy
Goal setting
Fraud
Mortgage
37. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Credit Score/Rating
Mortgage
Nonprofit organization
Copayment
38. 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.
Goal setting
Premium
Credit
Expenses
39. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Identity Theft
Mortgage company
Risk
Dumpster Diving
40. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Expenses
Premium
Annuity
Copayment
41. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Credit union
Credit Score/Rating
Premium
Budget
42. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Copayment
Landlord
Landlord
Deductible
43. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Credit Card
Simple Interest
Mortgage
Premium
44. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Deductible
Mortgage
Consumer Credit Counseling
Credit union
45. A measure of the uncertainty of an investment's rate of return; possible losses.
Risk
Deductible
Goal
Hacking
46. A non-cash contribution to a charitable organization which can be given a cash value.
Fraud
Closing Costs
Deductions
Gifts in-kind
47. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Ethics
Income
Savings Accounts
Checking account
48. The chance or likelihood that something will happen.
Nonprofit organization
Check
Probability
Variable expenses
49. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Premium
Check
Copayment
Bankruptcy
50. The value of the second-best alternative that a person gives up when making one choice instead of another.
401 k
Opportunity Cost
Saving
Probability