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Financial Literacy Vocab

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. Using a person's name or personal information without the person's permission to steal money or get other benefit.






2. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.






3. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.






4. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.






5. A person who pays rent; the legal name for a renter.






6. Someone who knowingly deceives you for their own personal gain.






7. An amount of money that the member or insured pays directly to a provider at the time services are rendered.






8. A long-term loan to buy real estate including land and the structures on it.






9. 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.






10. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.






11. The value of the second-best alternative that a person gives up when making one choice instead of another.






12. The original amount of money deposited or invested.






13. Taking risks with personal finances or personal assets






14. A non-cash contribution to a charitable organization which can be given a cash value.






15. 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.






16. The percentage of the costs of medical services paid by the patient.






17. Anything subtracted from your gross income.






18. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.






19. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.






20. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).






21. 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.






22. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.






23. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.






24. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.






25. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.






26. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).






27. The fee paid for insurance protection.






28. Costs paid when buying a house or real estate.






29. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.






30. 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.






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.






32. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.






33. 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.






34. 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.






35. Someone who rummages through your trash looking for bills or other paper with your personal information on it.






36. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.






37. A set of principles or beliefs that govern an individual's actions.






38. Using a person's name or personal information without the person's permission to steal money or get other benefit.






39. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.






40. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.






41. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)






42. 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.






43. 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)






44. The act of giving to charitable organizations or to those in need.






45. A company that makes loans for the purchase of a house or other real estate.






46. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.






47. A measure of the uncertainty of an investment's rate of return; possible losses.






48. Money earned from investments and employment.






49. 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.






50. Anything subtracted from your gross income.