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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 person who pays rent; the legal name for a renter.
Progressive tax
Deductible
Risk
Tenant
2. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Medicare
Fraud
Nonprofit organization
Morals
3. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Interest
Variable expenses
Copayment
Savings Accounts
4. A bank or credit union account that allows withdrawals by writing a check.
Progressive tax
Checking account
Fixed expenses
Credit union
5. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Identity Theft
Checking account
Simple Interest
Ethics
6. 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
Simple Interest
Mortgage
Closing Costs
7. How fast money in savings account or investment grows.
Income
Deductions
Career
Rate of Return
8. Costs paid when buying a house or real estate.
Fraud Risk
Reconcile
Reconcile
Closing Costs
9. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Goal
Goal setting
Hacking
Tax Deduction
10. 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
Ethics
Probability
Nonprofit organization
11. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Fraud
Deductible
Tenant
Charitable Giving
12. The percentage of the costs of medical services paid by the patient.
Fraud Risk
Tenant
Coinsurance
Gross income
13. How fast money in savings account or investment grows.
Rate of Return
Benefits-received principle
Creditor
Opportunity Cost
14. Someone who knowingly deceives you for their own personal gain.
Fixed expenses
Fraud
Simple Interest
Career
15. A measure of the uncertainty of an investment's rate of return; possible losses.
Opportunity Cost
Risk
Income
Income
16. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Interest
Check
Opportunity Cost
Rule of 72
17. 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.
Income
Variable expenses
Saving
Social security
18. The percentage of the costs of medical services paid by the patient.
Fraud Risk
Rate of Return
Nonprofit organization
Coinsurance
19. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Creditor
Opportunity Cost
Savings Accounts
Debit card
20. The value of the second-best alternative that a person gives up when making one choice instead of another.
Interest Rate
Deductions
Ethics
Opportunity Cost
21. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Rate of Return
Mortgage
Benefits-received principle
Net income
22. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Bankruptcy
Social security
Credit
Mortgage company
23. The chance that an investment has been misrepresented.
Hacking
Credit union
Charitable Giving
Fraud Risk
24. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Savings Accounts
Dumpster Diving
Savings Accounts
Income
25. Taking risks with personal finances or personal assets
Charitable Giving
Progressive tax
Credit
Gambling
26. Payment for the use of someone else's money
Interest
Saving
Copayment
Identity Theft
27. The chance that an investment has been misrepresented.
Rule of 72
Mortgage
Reconcile
Fraud Risk
28. The chance or likelihood that something will happen.
Probability
Identity Theft
Mortgage
Creditor
29. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Goal setting
Mortgage
Deductions
Dumpster Diving
30. 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.
Coinsurance
Rule of 72
Credit Bureau
Debit card
31. 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.
Rate of Return
401 k
Net income
Variable expenses
32. A purposeful course of action or purpose in life that generally provides income
Check
Career
Saving
Tax Deduction
33. A plastic card used to deduct a purchase amount directly from your checking account.
Net income
Gross income
Debit card
Expenses
34. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Medicare
Income
Lease
Gambling
35. 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
Consumer Credit Counseling
Budget
Credit Score/Rating
36. A set of principles or beliefs that govern an individual's actions.
Ethics
Interest Rate
Creditor
401 k
37. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Budget
Benefits-received principle
Reconcile
Lease
38. Payment for the use of someone else's money
Interest
Tenant
Income
Tax Deduction
39. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Probability
Fraud
Rule of 72
Expenses
40. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Credit
Income
Hacking
Consumer Credit Counseling
41. A purposeful course of action or purpose in life that generally provides income
Income
Career
Fixed expenses
Coinsurance
42. A person or company to whom money is owed.
Creditor
Lease
Closing Costs
Individual Retirement Account (IRA)
43. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Charitable Giving
Simple Interest
Goal
Landlord
44. A long-term loan to buy real estate including land and the structures on it.
Savings Accounts
Goal
Income
Mortgage
45. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Creditor
Credit
401 k
Individual Retirement Account (IRA)
46. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Debit card
Credit Score/Rating
Charitable Giving
Credit union
47. A set of principles or beliefs that govern an individual's actions.
401 k
Progressive tax
Credit Card
Ethics
48. The original amount of money deposited or invested.
Premium
Principal
Career
Debit card
49. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Deductions
Goal setting
Check
Net income
50. Costs paid when buying a house or real estate.
Closing Costs
Mortgage company
Variable expenses
Tenant