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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. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Landlord
Medicare
Probability
Deductible
2. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Bankruptcy
Rate of Return
Opportunity Cost
Budget
3. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Saving
Premium
Consumer Credit Counseling
Mortgage
4. Wages or salary before deductions for taxes and other purposes.
Simple Interest
Consumer Credit Counseling
401 k
Gross income
5. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Goal setting
Medicare
Savings Accounts
Mortgage
6. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Income
Individual Retirement Account (IRA)
Lease
Identity Theft
7. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Fraud Risk
Landlord
Credit Score/Rating
Saving
8. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Interest
Rate of Return
Charitable Giving
Copayment
9. A person or company to whom money is owed.
Gambling
Credit Card
Hacking
Creditor
10. Costs paid when buying a house or real estate.
Closing Costs
Credit Bureau
Principal
Identity Theft
11. Costs paid when buying a house or real estate.
Checking account
Debit card
Closing Costs
Premium
12. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Variable expenses
Tenant
Expenses
Progressive tax
13. 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.
401 k
Credit Score/Rating
Identity Theft
Deductions
14. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Income
Credit Report
Identity Theft
Career
15. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Net income
Debit card
Interest Rate
Coinsurance
16. A company that makes loans for the purchase of a house or other real estate.
Mortgage
Deductible
Mortgage company
Variable expenses
17. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Premium
Rule of 72
Interest Rate
401 k
18. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Landlord
Dumpster Diving
Mortgage
Income
19. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Creditor
Dumpster Diving
Closing Costs
Probability
20. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Simple Interest
Income
Principal
Mortgage
21. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Tax Deduction
Deductible
Saving
Risk
22. The act of giving to charitable organizations or to those in need.
Charitable Giving
Premium
Principal
Morals
23. 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.
Gifts in-kind
Copayment
Identity Theft
Rule of 72
24. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Creditor
Goal setting
Credit Score/Rating
Variable expenses
25. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Lease
Tenant
Credit Card
Individual Retirement Account (IRA)
26. A set of principles or beliefs that govern an individual's actions.
Ethics
Landlord
Reconcile
Bankruptcy
27. Payment for the use of someone else's money
Goal setting
Interest
Mortgage
Hacking
28. 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.
Income
Fixed expenses
Identity Theft
Social security
29. 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.
Fraud Risk
Individual Retirement Account (IRA)
Lease
Credit Report
30. Payment for the use of someone else's money
Consumer Credit Counseling
Interest
Debit card
Bankruptcy
31. A non-cash contribution to a charitable organization which can be given a cash value.
Credit Score/Rating
Net income
Gifts in-kind
Mortgage company
32. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Coinsurance
Annuity
Landlord
Benefits-received principle
33. Wages or salary before deductions for taxes and other purposes.
Savings Accounts
Gross income
Interest Rate
Variable expenses
34. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Deductible
Progressive tax
Savings Accounts
Net income
35. The chance or likelihood that something will happen.
Fraud
Fixed expenses
Probability
Expenses
36. Someone who knowingly deceives you for their own personal gain.
Mortgage company
Fraud
Simple Interest
Fraud Risk
37. A person or company to whom money is owed.
Annuity
Individual Retirement Account (IRA)
Creditor
Charitable Giving
38. Someone who knowingly deceives you for their own personal gain.
Fixed expenses
Net income
Fraud
Dumpster Diving
39. A person who owns property and rents it to another.
Career
Landlord
Coinsurance
Credit union
40. A purposeful course of action or purpose in life that generally provides income
Credit Card
Career
Closing Costs
Landlord
41. A purposeful course of action or purpose in life that generally provides income
Savings Accounts
Career
Social security
Budget
42. Money earned from investments and employment.
Interest Rate
Income
Nonprofit organization
Bankruptcy
43. The fee paid for insurance protection.
Mortgage company
Bankruptcy
Consumer Credit Counseling
Premium
44. 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.
Deductible
Premium
Income
Credit
45. The original amount of money deposited or invested.
Deductions
Saving
Principal
Hacking
46. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Tax Deduction
Fixed expenses
Tax Deduction
Bankruptcy
47. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Gifts in-kind
Expenses
Mortgage company
Fixed expenses
48. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Fixed expenses
Simple Interest
Deductible
Credit Bureau
49. A legal organization providing services or activities without commercial or monetary gain.
Lease
Nonprofit organization
Tenant
Credit Report
50. The percentage of the costs of medical services paid by the patient.
Medicare
Check
Progressive tax
Coinsurance