Test your basic knowledge |

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






2. A legal organization providing services or activities without commercial or monetary gain.






3. 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.






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






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






6. The chance that an investment has been misrepresented.






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






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






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






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






11. 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.






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






13. 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.






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






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






16. Wages or salary before deductions for taxes and other purposes.






17. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.






18. A purposeful course of action or purpose in life that generally provides income






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






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






21. A plastic card used to deduct a purchase amount directly from your checking account.






22. The chance or likelihood that something will happen.






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.






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






25. Payment for the use of someone else's money






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






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






28. 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.






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






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






31. 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.






32. Wages or salary before deductions for taxes and other purposes.






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






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






35. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)






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






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






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






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






40. A purposeful course of action or purpose in life that generally provides income






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






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






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






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






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






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






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






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






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






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