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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. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Risk
Medicare
Debit card
Identity Theft
2. A person who pays rent; the legal name for a renter.
Gambling
Tenant
Career
Lease
3. A person or company to whom money is owed.
Credit
Creditor
Risk
Social security
4. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Interest Rate
Gambling
Simple Interest
Credit union
5. A long-term loan to buy real estate including land and the structures on it.
Rule of 72
Credit union
Identity Theft
Mortgage
6. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Mortgage
Goal setting
Premium
Income
7. A measure of the uncertainty of an investment's rate of return; possible losses.
Landlord
Variable expenses
Income
Risk
8. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Fraud
Income
Simple Interest
Gross income
9. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Tax Deduction
Lease
Risk
Nonprofit organization
10. The original amount of money deposited or invested.
Principal
Credit Bureau
Progressive tax
Credit Score/Rating
11. An establishment that collects and distributes credit history info. of individuals & business.
Identity Theft
Annuity
Credit Bureau
Income
12. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Gross income
Credit Report
Credit Bureau
Copayment
13. The value of the second-best alternative that a person gives up when making one choice instead of another.
Variable expenses
Creditor
Risk
Opportunity Cost
14. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Fraud
Dumpster Diving
Credit Report
Goal
15. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Ethics
Income
Net income
Career
16. 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.
Check
Credit Score/Rating
Individual Retirement Account (IRA)
Savings Accounts
17. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Check
Mortgage
Nonprofit organization
Hacking
18. Money earned from investments and employment.
Career
Budget
Income
Net income
19. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Fraud
Saving
Reconcile
Closing Costs
20. 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
Credit
Net income
Creditor
21. The percentage of the costs of medical services paid by the patient.
Check
Annuity
Landlord
Coinsurance
22. 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)
Gambling
Lease
Gifts in-kind
23. 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
Variable expenses
Gambling
Checking account
24. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Check
Mortgage
Fraud
Opportunity Cost
25. Costs paid when buying a house or real estate.
Credit Card
Annuity
Closing Costs
Copayment
26. 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.
Debit card
Credit
Ethics
Risk
27. The original amount of money deposited or invested.
Morals
Principal
Lease
Gross income
28. A legal organization providing services or activities without commercial or monetary gain.
Nonprofit organization
Rule of 72
Medicare
Variable expenses
29. 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 union
Credit union
Debit card
Credit
30. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Rule of 72
Closing Costs
Credit Card
Interest Rate
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.
Morals
Saving
401 k
Career
32. Taking risks with personal finances or personal assets
Copayment
Net income
Gambling
Consumer Credit Counseling
33. 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.
Interest
Credit Report
Fraud
Premium
34. A person who owns property and rents it to another.
Social security
Landlord
Savings Accounts
Savings Accounts
35. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Lease
401 k
Gross income
Goal setting
36. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Savings Accounts
Opportunity Cost
Credit
Tax Deduction
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.
Reconcile
Interest
Net income
Landlord
38. Money earned from investments and employment.
Income
Landlord
Credit Card
Coinsurance
39. 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.
Interest Rate
Check
401 k
Goal setting
40. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Variable expenses
401 k
Credit Bureau
Social security
41. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Hacking
Savings Accounts
Mortgage
Morals
42. Wages or salary before deductions for taxes and other purposes.
Benefits-received principle
Fraud Risk
Deductible
Gross income
43. The chance that an investment has been misrepresented.
Goal setting
Fraud Risk
Opportunity Cost
Check
44. The fee paid for insurance protection.
Goal setting
Premium
Credit Report
Copayment
45. 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
Social security
401 k
Fraud
46. A person or company to whom money is owed.
Expenses
Savings Accounts
Creditor
Simple Interest
47. How fast money in savings account or investment grows.
Rule of 72
Rate of Return
Credit Card
Bankruptcy
48. 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.
Annuity
Credit Score/Rating
Tax Deduction
Fixed expenses
49. Taking risks with personal finances or personal assets
401 k
Gambling
Saving
Savings Accounts
50. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Benefits-received principle
Fixed expenses
Deductions
Goal setting