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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. A plastic card used to deduct a purchase amount directly from your checking account.
Credit Card
Mortgage
Deductions
Debit card
2. 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.
Creditor
401 k
Annuity
Mortgage company
3. A company that makes loans for the purchase of a house or other real estate.
Debit card
Charitable Giving
Mortgage company
Credit Card
4. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Individual Retirement Account (IRA)
Reconcile
Mortgage
Tax Deduction
5. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Fixed expenses
Individual Retirement Account (IRA)
Check
Credit Card
6. A purposeful course of action or purpose in life that generally provides income
Career
Credit
Credit Report
Credit Score/Rating
7. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Saving
Probability
Consumer Credit Counseling
401 k
8. The chance that an investment has been misrepresented.
Fraud Risk
Tax Deduction
Budget
Morals
9. A company that makes loans for the purchase of a house or other real estate.
Rule of 72
Mortgage company
Rate of Return
Tenant
10. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Income
Fixed expenses
Copayment
Charitable Giving
11. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Credit Card
Fraud
Gambling
Income
12. Someone who knowingly deceives you for their own personal gain.
Credit Report
Fraud
Check
Saving
13. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Benefits-received principle
Credit Card
Fraud
Individual Retirement Account (IRA)
14. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Individual Retirement Account (IRA)
Hacking
Social security
Reconcile
15. 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
Rate of Return
Fixed expenses
Expenses
16. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Individual Retirement Account (IRA)
Variable expenses
Net income
Credit Score/Rating
17. Someone who knowingly deceives you for their own personal gain.
Nonprofit organization
Fraud
Closing Costs
Goal
18. Anything subtracted from your gross income.
Opportunity Cost
Credit union
Deductions
Mortgage
19. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Probability
Deductible
Charitable Giving
Identity Theft
20. 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.
Fixed expenses
Gambling
Saving
Lease
21. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Deductible
Career
Identity Theft
Principal
22. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Budget
Expenses
Annuity
Saving
23. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Tax Deduction
Principal
Consumer Credit Counseling
401 k
24. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Copayment
Ethics
Goal
Deductions
25. 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.
Rate of Return
Medicare
Annuity
Social security
26. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Fraud Risk
Mortgage
Rate of Return
Morals
27. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Expenses
Income
Coinsurance
Goal setting
28. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Gross income
Closing Costs
Income
Nonprofit organization
29. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Credit union
Expenses
Gambling
Simple Interest
30. A person or company to whom money is owed.
Progressive tax
Fraud
Individual Retirement Account (IRA)
Creditor
31. Wages or salary before deductions for taxes and other purposes.
Benefits-received principle
Gross income
Credit Score/Rating
Mortgage
32. Costs paid when buying a house or real estate.
Closing Costs
Deductions
Risk
Debit card
33. A person or company to whom money is owed.
Nonprofit organization
Creditor
Gross income
Probability
34. Money earned from investments and employment.
Benefits-received principle
Creditor
Principal
Income
35. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Net income
Interest
Coinsurance
Reconcile
36. Taking risks with personal finances or personal assets
Charitable Giving
Coinsurance
Bankruptcy
Gambling
37. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Social security
Gross income
Morals
Medicare
38. A tax that takes a larger percentage of income from people in higher-income groups than from people in lower-income ones; (Example - U.S. federal income tax)
Progressive tax
Income
Closing Costs
Credit Report
39. A bank or credit union account that allows withdrawals by writing a check.
Goal setting
Landlord
Income
Checking account
40. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Closing Costs
Credit union
Variable expenses
Fraud
41. The act of giving to charitable organizations or to those in need.
Medicare
Charitable Giving
Ethics
Credit Bureau
42. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Mortgage
Checking account
Gifts in-kind
Goal
43. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Net income
Budget
Variable expenses
Creditor
44. How fast money in savings account or investment grows.
Hacking
Social security
Credit Bureau
Rate of Return
45. 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.
Credit Report
Charitable Giving
Credit
Budget
46. The value of the second-best alternative that a person gives up when making one choice instead of another.
401 k
Credit union
Credit union
Opportunity Cost
47. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Credit Card
Tenant
Individual Retirement Account (IRA)
Credit union
48. A person who owns property and rents it to another.
Ethics
Landlord
Bankruptcy
Mortgage
49. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Credit Report
Saving
Benefits-received principle
Hacking
50. 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
Annuity
Creditor
Fraud Risk