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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. Anything subtracted from your gross income.
Credit Card
Deductions
Income
Bankruptcy
2. A non-cash contribution to a charitable organization which can be given a cash value.
Charitable Giving
Mortgage
Interest
Gifts in-kind
3. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Mortgage
Morals
Fraud Risk
Risk
4. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Gross income
Premium
Check
Benefits-received principle
5. Wages or salary before deductions for taxes and other purposes.
Gross income
Consumer Credit Counseling
Credit
Gambling
6. A long-term loan to buy real estate including land and the structures on it.
Mortgage
Fraud
Budget
Credit union
7. How fast money in savings account or investment grows.
Credit Bureau
Goal setting
Rate of Return
Expenses
8. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Bankruptcy
Ethics
Goal setting
Gross income
9. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Tax Deduction
Nonprofit organization
Closing Costs
Morals
10. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Morals
Copayment
Mortgage
Deductions
11. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Goal
Dumpster Diving
Tax Deduction
Gross income
12. A bank or credit union account that allows withdrawals by writing a check.
Income
Risk
Checking account
Gifts in-kind
13. A company that makes loans for the purchase of a house or other real estate.
Goal setting
Mortgage
Mortgage company
Copayment
14. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Goal setting
Morals
Bankruptcy
Credit Score/Rating
15. A person who owns property and rents it to another.
Landlord
Mortgage company
Saving
Rule of 72
16. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Savings Accounts
Bankruptcy
Goal
Medicare
17. 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.
Credit Score/Rating
Budget
Credit
Fraud Risk
18. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Simple Interest
Credit Report
Fraud Risk
Morals
19. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Bankruptcy
Copayment
Goal
Closing Costs
20. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Medicare
Bankruptcy
Ethics
Savings Accounts
21. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Fraud
Copayment
Gifts in-kind
Morals
22. 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
Dumpster Diving
Landlord
401 k
23. A non-cash contribution to a charitable organization which can be given a cash value.
Dumpster Diving
Deductions
Gifts in-kind
Rule of 72
24. 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.
Social security
Lease
Credit Bureau
Closing Costs
25. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Benefits-received principle
Lease
Bankruptcy
Mortgage company
26. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Gambling
Mortgage
Checking account
Hacking
27. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Individual Retirement Account (IRA)
Nonprofit organization
Charitable Giving
Bankruptcy
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.
Budget
Rule of 72
Social security
Progressive tax
29. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Savings Accounts
Saving
Check
Deductible
30. A purposeful course of action or purpose in life that generally provides income
Rate of Return
Goal
Career
Tenant
31. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Progressive tax
Gambling
Dumpster Diving
Identity Theft
32. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Check
Saving
Credit Score/Rating
Premium
33. A purposeful course of action or purpose in life that generally provides income
Career
Deductible
Risk
Progressive tax
34. The act of giving to charitable organizations or to those in need.
Charitable Giving
Credit Score/Rating
Credit Card
Fraud Risk
35. A person who pays rent; the legal name for a renter.
Opportunity Cost
Expenses
Mortgage company
Tenant
36. A measure of the uncertainty of an investment's rate of return; possible losses.
Gambling
Risk
Mortgage
Ethics
37. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Budget
Deductible
Gambling
Identity Theft
38. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Net income
Credit Report
Interest Rate
Ethics
39. 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.
Credit
Morals
Risk
Simple Interest
40. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Deductible
Goal setting
Premium
Fixed expenses
41. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Copayment
Annuity
Check
Credit Card
42. A plastic card used to deduct a purchase amount directly from your checking account.
Morals
Principal
Debit card
Career
43. 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.
Progressive tax
Lease
Checking account
Goal
44. The chance or likelihood that something will happen.
Mortgage
Probability
Individual Retirement Account (IRA)
Goal setting
45. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Mortgage company
Check
Progressive tax
Rate of Return
46. Costs paid when buying a house or real estate.
Closing Costs
Benefits-received principle
Simple Interest
Mortgage
47. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Simple Interest
Mortgage
Variable expenses
Premium
48. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Nonprofit organization
Consumer Credit Counseling
Net income
Credit Report
49. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Probability
Benefits-received principle
Variable expenses
Checking account
50. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Credit union
Deductible
Saving
Landlord