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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. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Income
Progressive tax
Principal
Net income
2. A long-term loan to buy real estate including land and the structures on it.
Premium
Mortgage
Tenant
Fraud Risk
3. A bank or credit union account that allows withdrawals by writing a check.
Check
Hacking
Checking account
Identity Theft
4. The original amount of money deposited or invested.
Principal
Expenses
Copayment
Progressive tax
5. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Credit Card
Check
Income
Credit Report
6. 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)
Landlord
Deductible
Credit
7. A bank or credit union account that allows withdrawals by writing a check.
Gifts in-kind
Goal setting
Fraud Risk
Checking account
8. A purposeful course of action or purpose in life that generally provides income
Fraud Risk
Career
Identity Theft
Benefits-received principle
9. The act of giving to charitable organizations or to those in need.
Credit Card
Benefits-received principle
Deductions
Charitable Giving
10. A person who owns property and rents it to another.
Fraud
Landlord
Credit
Goal setting
11. Wages or salary before deductions for taxes and other purposes.
Income
Interest
Gross income
Simple Interest
12. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Consumer Credit Counseling
Income
Ethics
Credit Bureau
13. The chance or likelihood that something will happen.
Creditor
Probability
Progressive tax
Variable expenses
14. The chance that an investment has been misrepresented.
Fraud Risk
Credit
Progressive tax
Charitable Giving
15. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Simple Interest
Variable expenses
Probability
Goal
16. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Coinsurance
Credit union
Reconcile
Gifts in-kind
17. Wages or salary before deductions for taxes and other purposes.
Variable expenses
Fraud Risk
Gross income
Tenant
18. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Variable expenses
Goal setting
Credit union
Credit union
19. 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.
Morals
Lease
Net income
Medicare
20. How fast money in savings account or investment grows.
Reconcile
Coinsurance
Rate of Return
Probability
21. 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.
Premium
Mortgage
Variable expenses
401 k
22. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Consumer Credit Counseling
Mortgage
Rate of Return
Net income
23. Money earned from investments and employment.
Interest
Income
Social security
Mortgage
24. 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)
Social security
Debit card
Progressive tax
Check
25. 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.
Saving
401 k
Rate of Return
Reconcile
26. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Simple Interest
Checking account
Gross income
401 k
27. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Credit Score/Rating
Hacking
Reconcile
Progressive tax
28. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Credit Report
Variable expenses
Copayment
Credit Bureau
29. The original amount of money deposited or invested.
Social security
Career
Credit
Principal
30. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Deductions
Interest Rate
Creditor
Charitable Giving
31. 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)
Mortgage
Deductible
Hacking
Progressive tax
32. The act of giving to charitable organizations or to those in need.
Tax Deduction
Mortgage company
Reconcile
Charitable Giving
33. 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.
Check
Mortgage company
Interest Rate
Social security
34. A company that makes loans for the purchase of a house or other real estate.
Opportunity Cost
Ethics
Interest
Mortgage company
35. The value of the second-best alternative that a person gives up when making one choice instead of another.
Opportunity Cost
Medicare
Expenses
Simple Interest
36. 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.
Income
Deductible
Annuity
Individual Retirement Account (IRA)
37. The percentage of the costs of medical services paid by the patient.
Rate of Return
Coinsurance
Credit Bureau
Gambling
38. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Goal
Credit Card
Individual Retirement Account (IRA)
Career
39. An establishment that collects and distributes credit history info. of individuals & business.
Landlord
Career
Credit Report
Credit Bureau
40. A legal organization providing services or activities without commercial or monetary gain.
Nonprofit organization
Deductions
Goal setting
Bankruptcy
41. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Mortgage
Simple Interest
Checking account
Deductible
42. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
401 k
Goal setting
Saving
Social security
43. A long-term loan to buy real estate including land and the structures on it.
Savings Accounts
Mortgage
Dumpster Diving
Creditor
44. 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.
Deductible
Budget
Charitable Giving
Fixed expenses
45. 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.
Premium
Interest
Goal
Annuity
46. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Savings Accounts
Benefits-received principle
Check
Gross income
47. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Goal setting
Expenses
Charitable Giving
401 k
48. The fee paid for insurance protection.
Premium
Risk
Nonprofit organization
Credit union
49. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Coinsurance
Checking account
Fixed expenses
Individual Retirement Account (IRA)
50. 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
Credit Report
Gifts in-kind
Tax Deduction