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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. Someone who knowingly deceives you for their own personal gain.
Gross income
Credit Report
Gambling
Fraud
2. The fee paid for insurance protection.
Creditor
Premium
Bankruptcy
Rate of Return
3. The value of the second-best alternative that a person gives up when making one choice instead of another.
Mortgage
Credit union
Checking account
Opportunity Cost
4. A company that makes loans for the purchase of a house or other real estate.
Career
Mortgage company
Mortgage
Rule of 72
5. A person or company to whom money is owed.
Medicare
Mortgage
Creditor
Identity Theft
6. Taking risks with personal finances or personal assets
Goal setting
Closing Costs
Credit union
Gambling
7. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Identity Theft
Landlord
Interest Rate
Fraud
8. 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.
Bankruptcy
Lease
Dumpster Diving
Creditor
9. A legal organization providing services or activities without commercial or monetary gain.
Income
Nonprofit organization
Social security
Probability
10. A measure of the uncertainty of an investment's rate of return; possible losses.
Rule of 72
Risk
Credit union
Principal
11. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Morals
Gifts in-kind
Simple Interest
Goal
12. 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 Risk
Rate of Return
Rule of 72
13. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Social security
Interest
Identity Theft
Expenses
14. A company that makes loans for the purchase of a house or other real estate.
Mortgage company
Rate of Return
Opportunity Cost
Closing Costs
15. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Progressive tax
Check
Dumpster Diving
Social security
16. A plastic card used to deduct a purchase amount directly from your checking account.
Gross income
Check
Debit card
Credit Bureau
17. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Copayment
Consumer Credit Counseling
Hacking
Credit union
18. Costs paid when buying a house or real estate.
Closing Costs
Credit Score/Rating
Social security
Credit union
19. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Deductible
Mortgage
Creditor
Deductions
20. How fast money in savings account or investment grows.
Fixed expenses
Charitable Giving
Rule of 72
Rate of Return
21. A non-cash contribution to a charitable organization which can be given a cash value.
Saving
Principal
Rule of 72
Gifts in-kind
22. 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.
Opportunity Cost
Mortgage company
Annuity
Credit Card
23. 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.
Lease
Career
Goal
Career
24. A plastic card used to deduct a purchase amount directly from your checking account.
Goal
Credit Score/Rating
Debit card
401 k
25. 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.
Consumer Credit Counseling
Credit Score/Rating
Mortgage
Career
26. A measure of the uncertainty of an investment's rate of return; possible losses.
Landlord
Gambling
Risk
Tax Deduction
27. An establishment that collects and distributes credit history info. of individuals & business.
Tenant
Deductible
Credit Bureau
Medicare
28. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Deductible
Progressive tax
Copayment
Bankruptcy
29. A legal organization providing services or activities without commercial or monetary gain.
Social security
Dumpster Diving
Nonprofit organization
Ethics
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.
Consumer Credit Counseling
Hacking
401 k
Annuity
31. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Tax Deduction
Dumpster Diving
Credit union
Closing Costs
32. Payment for the use of someone else's money
Budget
Opportunity Cost
Variable expenses
Interest
33. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Fraud
Budget
Rule of 72
Variable expenses
34. 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
Credit Score/Rating
Premium
Income
35. Money earned from investments and employment.
Income
Credit Card
Coinsurance
Credit Report
36. Someone who knowingly deceives you for their own personal gain.
Creditor
Deductions
Fraud
Landlord
37. 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.
Mortgage
Fraud
Rule of 72
Ethics
38. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Creditor
Credit
Credit Bureau
Reconcile
39. A non-cash contribution to a charitable organization which can be given a cash value.
Rule of 72
Variable expenses
Rate of Return
Gifts in-kind
40. A person who owns property and rents it to another.
Bankruptcy
Landlord
Gross income
Individual Retirement Account (IRA)
41. 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
Morals
Rule of 72
Mortgage company
42. The value of the second-best alternative that a person gives up when making one choice instead of another.
Opportunity Cost
Credit Report
Deductions
401 k
43. The percentage of the costs of medical services paid by the patient.
Fraud Risk
Coinsurance
Nonprofit organization
Progressive tax
44. A person who pays rent; the legal name for a renter.
Rate of Return
Mortgage company
Saving
Tenant
45. Taking risks with personal finances or personal assets
Hacking
Budget
Debit card
Gambling
46. 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.
Opportunity Cost
Budget
Deductible
Annuity
47. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Rate of Return
Dumpster Diving
Saving
Credit union
48. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Medicare
Premium
Checking account
Checking account
49. An establishment that collects and distributes credit history info. of individuals & business.
Credit Bureau
Fraud
Credit union
Coinsurance
50. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Ethics
Credit
Variable expenses
Tax Deduction