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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. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Check
Hacking
Credit Card
Gross income
2. The percentage of the costs of medical services paid by the patient.
Morals
Fixed expenses
Coinsurance
Mortgage
3. A measure of the uncertainty of an investment's rate of return; possible losses.
Mortgage company
Career
Risk
Medicare
4. 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.
Copayment
Credit Score/Rating
Annuity
Rate of Return
5. A person or company to whom money is owed.
Expenses
Medicare
Identity Theft
Creditor
6. How fast money in savings account or investment grows.
Credit union
Rate of Return
Mortgage
Nonprofit organization
7. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Goal setting
Risk
Fixed expenses
Dumpster Diving
8. 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.
Saving
Identity Theft
Principal
Credit Score/Rating
9. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Mortgage
Mortgage
Morals
Savings Accounts
10. 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
Saving
Medicare
Tenant
11. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Tax Deduction
Credit Score/Rating
Fraud Risk
Credit Card
12. The fee paid for insurance protection.
Credit
Deductions
Premium
Benefits-received principle
13. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Individual Retirement Account (IRA)
Saving
Mortgage
Copayment
14. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Gifts in-kind
Variable expenses
Gambling
Fixed expenses
15. The original amount of money deposited or invested.
Landlord
Rate of Return
Fraud
Principal
16. Payment for the use of someone else's money
Credit Bureau
Reconcile
Interest
Gambling
17. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Deductions
Fraud Risk
Saving
Consumer Credit Counseling
18. A person who pays rent; the legal name for a renter.
Simple Interest
Tenant
Check
Fixed expenses
19. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Nonprofit organization
Mortgage
Benefits-received principle
Goal setting
20. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Social security
Fixed expenses
Tenant
Nonprofit organization
21. Payment for the use of someone else's money
Fraud
Rule of 72
Reconcile
Interest
22. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Tax Deduction
Goal setting
Reconcile
Identity Theft
23. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Deductible
Copayment
Tax Deduction
Hacking
24. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Check
Rate of Return
Credit union
Debit card
25. The chance that an investment has been misrepresented.
Fraud Risk
Fixed expenses
Savings Accounts
Bankruptcy
26. A plastic card used to deduct a purchase amount directly from your checking account.
Income
Debit card
Hacking
Opportunity Cost
27. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Credit Bureau
Credit Bureau
Goal setting
Copayment
28. Money earned from investments and employment.
Income
Gross income
Gifts in-kind
Interest Rate
29. 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)
Gifts in-kind
Dumpster Diving
Progressive tax
Career
30. Someone who knowingly deceives you for their own personal gain.
Social security
Gifts in-kind
Tax Deduction
Fraud
31. 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
Rule of 72
Budget
Credit union
32. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Expenses
Debit card
Medicare
Reconcile
33. 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.
Benefits-received principle
Rule of 72
Checking account
Credit Report
34. A bank or credit union account that allows withdrawals by writing a check.
Checking account
Savings Accounts
Creditor
Expenses
35. 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.
Landlord
401 k
Social security
Bankruptcy
36. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Medicare
Opportunity Cost
Morals
Reconcile
37. Wages or salary before deductions for taxes and other purposes.
Gifts in-kind
Mortgage company
Gross income
Progressive tax
38. A company that makes loans for the purchase of a house or other real estate.
Creditor
Fraud
Mortgage company
Interest
39. A person who owns property and rents it to another.
Progressive tax
Gambling
Expenses
Landlord
40. Someone who knowingly deceives you for their own personal gain.
Medicare
Savings Accounts
Fraud
Copayment
41. A non-cash contribution to a charitable organization which can be given a cash value.
Gifts in-kind
Gross income
Fixed expenses
401 k
42. Anything subtracted from your gross income.
Individual Retirement Account (IRA)
Deductions
Rule of 72
Goal
43. The chance or likelihood that something will happen.
Gifts in-kind
Interest
Risk
Probability
44. 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)
Rule of 72
Credit
Progressive tax
Identity Theft
45. The act of giving to charitable organizations or to those in need.
Opportunity Cost
Charitable Giving
Ethics
Check
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.
Coinsurance
Rule of 72
Bankruptcy
Coinsurance
47. A long-term loan to buy real estate including land and the structures on it.
Mortgage
Copayment
Charitable Giving
Risk
48. 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
Rate of Return
Hacking
Creditor
49. How fast money in savings account or investment grows.
Interest Rate
Rate of Return
Rule of 72
Goal setting
50. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Credit Card
Saving
Hacking
Credit Report
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