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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 long-term loan to buy real estate including land and the structures on it.
Identity Theft
Charitable Giving
Mortgage
Landlord
2. The act of giving to charitable organizations or to those in need.
Charitable Giving
Progressive tax
Annuity
Nonprofit organization
3. The percentage of the costs of medical services paid by the patient.
Coinsurance
Mortgage company
Consumer Credit Counseling
Closing Costs
4. A non-cash contribution to a charitable organization which can be given a cash value.
Career
Gifts in-kind
Landlord
Interest Rate
5. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Credit Card
Saving
Landlord
Savings Accounts
6. Costs paid when buying a house or real estate.
Ethics
Closing Costs
Credit union
Goal setting
7. A purposeful course of action or purpose in life that generally provides income
Check
Career
Nonprofit organization
Charitable Giving
8. Wages or salary before deductions for taxes and other purposes.
Credit Report
Saving
Rate of Return
Gross income
9. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Credit Score/Rating
Hacking
Individual Retirement Account (IRA)
Bankruptcy
10. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Hacking
Dumpster Diving
Deductible
Progressive tax
11. Someone who knowingly deceives you for their own personal gain.
Nonprofit organization
Fraud
Expenses
Probability
12. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Principal
Check
Income
Creditor
13. A person who pays rent; the legal name for a renter.
Tenant
401 k
Ethics
Interest
14. A bank or credit union account that allows withdrawals by writing a check.
Variable expenses
Checking account
Individual Retirement Account (IRA)
Premium
15. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Tax Deduction
Lease
Charitable Giving
Goal
16. 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.
Social security
Savings Accounts
Credit Score/Rating
Fraud Risk
17. The fee paid for insurance protection.
Check
Reconcile
Ethics
Premium
18. Costs paid when buying a house or real estate.
Closing Costs
Goal
Fraud
Credit union
19. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Income
Debit card
Gambling
Benefits-received principle
20. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Tenant
Charitable Giving
Credit
Benefits-received principle
21. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Reconcile
Opportunity Cost
Goal
Simple Interest
22. The original amount of money deposited or invested.
Interest Rate
Tenant
Progressive tax
Principal
23. 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.
Premium
Budget
Career
Goal
24. 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.
Gross income
Annuity
Probability
Fixed expenses
25. A bank or credit union account that allows withdrawals by writing a check.
Creditor
Checking account
Risk
Probability
26. 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
Checking account
Rule of 72
Debit card
27. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Interest
Morals
Principal
Gross income
28. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Goal
Career
Credit Card
Social security
29. The chance or likelihood that something will happen.
Fraud Risk
Social security
Probability
Savings Accounts
30. 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
Deductions
Creditor
Lease
31. Someone who knowingly deceives you for their own personal gain.
Consumer Credit Counseling
Fraud
Gambling
Mortgage
32. A person who pays rent; the legal name for a renter.
Tenant
Income
Annuity
Simple Interest
33. 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)
Annuity
401 k
Checking account
34. A set of principles or beliefs that govern an individual's actions.
Bankruptcy
Copayment
Ethics
Income
35. A plastic card used to deduct a purchase amount directly from your checking account.
Creditor
Identity Theft
Debit card
Expenses
36. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Benefits-received principle
Credit union
Mortgage
Savings Accounts
37. 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.
Social security
Ethics
Saving
Credit
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
Deductions
Debit card
Ethics
39. A non-cash contribution to a charitable organization which can be given a cash value.
Gifts in-kind
Credit
Check
Tenant
40. A purposeful course of action or purpose in life that generally provides income
Nonprofit organization
Career
Credit Card
Deductible
41. A measure of the uncertainty of an investment's rate of return; possible losses.
Tax Deduction
Risk
Savings Accounts
Credit Report
42. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Coinsurance
Morals
Budget
Creditor
43. A person or company to whom money is owed.
Checking account
Income
Creditor
Budget
44. Taking risks with personal finances or personal assets
Tax Deduction
Gambling
Fixed expenses
Debit card
45. The chance that an investment has been misrepresented.
Fraud Risk
Credit Bureau
Deductions
Fraud
46. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Tenant
Debit card
Check
Goal setting
47. 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.
Mortgage
Copayment
Credit Bureau
401 k
48. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Credit Report
Identity Theft
Deductible
Deductible
49. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Dumpster Diving
Progressive tax
Saving
Reconcile
50. The value of the second-best alternative that a person gives up when making one choice instead of another.
Goal
Checking account
Income
Opportunity Cost