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Test your basic knowledge |
Financial Literacy Vocab
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Subjects
:
literacy
,
personal-finance
Instructions:
Answer 50 questions in 15 minutes.
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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 non-cash contribution to a charitable organization which can be given a cash value.
Progressive tax
Tax Deduction
Gifts in-kind
Hacking
2. The percentage of the costs of medical services paid by the patient.
Individual Retirement Account (IRA)
Copayment
Goal
Coinsurance
3. A set of principles or beliefs that govern an individual's actions.
Variable expenses
Deductions
Creditor
Ethics
4. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Credit union
Check
Saving
Individual Retirement Account (IRA)
5. A non-cash contribution to a charitable organization which can be given a cash value.
Gifts in-kind
Dumpster Diving
Nonprofit organization
Tax Deduction
6. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Expenses
Consumer Credit Counseling
Fraud
Income
7. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Medicare
Closing Costs
Simple Interest
Gifts in-kind
8. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Consumer Credit Counseling
Medicare
Expenses
Closing Costs
9. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Variable expenses
Ethics
Credit Card
Net income
10. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Expenses
Social security
Interest Rate
Hacking
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.
Interest Rate
Checking account
Creditor
Credit
12. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Credit Score/Rating
Checking account
Simple Interest
Income
13. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Net income
Medicare
Identity Theft
Credit Report
14. The act of giving to charitable organizations or to those in need.
Fraud Risk
Tax Deduction
Charitable Giving
Tax Deduction
15. Taking risks with personal finances or personal assets
Premium
Consumer Credit Counseling
Gambling
Nonprofit organization
16. A plastic card used to deduct a purchase amount directly from your checking account.
Saving
Interest Rate
Debit card
Ethics
17. The fee paid for insurance protection.
Checking account
Premium
Mortgage company
Morals
18. A person who owns property and rents it to another.
Mortgage
Credit
Landlord
Credit Report
19. 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
Rule of 72
Mortgage company
Bankruptcy
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
Goal
Social security
Debit card
21. The act of giving to charitable organizations or to those in need.
Morals
Charitable Giving
Nonprofit organization
Income
22. 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.
Closing Costs
Variable expenses
Gambling
Social security
23. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Variable expenses
Tenant
Interest Rate
Net income
24. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Morals
Copayment
Variable expenses
Rate of Return
25. A bank or credit union account that allows withdrawals by writing a check.
Premium
Premium
Checking account
Savings Accounts
26. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Goal
Credit Report
Bankruptcy
Check
27. Someone who knowingly deceives you for their own personal gain.
Variable expenses
Dumpster Diving
Fraud
Savings Accounts
28. The percentage of the costs of medical services paid by the patient.
Rule of 72
Saving
Morals
Coinsurance
29. 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.
401 k
Individual Retirement Account (IRA)
Premium
Net income
30. 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.
Mortgage
Credit Report
Lease
Simple Interest
31. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Simple Interest
Income
Expenses
Hacking
32. Payment for the use of someone else's money
Simple Interest
401 k
Mortgage
Interest
33. A person or company to whom money is owed.
Creditor
Progressive tax
Morals
Fraud
34. 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
Medicare
Saving
Rate of Return
35. Taking risks with personal finances or personal assets
Variable expenses
Gambling
Credit union
Saving
36. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Copayment
Individual Retirement Account (IRA)
Social security
Rule of 72
37. Money earned from investments and employment.
Savings Accounts
Check
Income
Fraud
38. 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.
Savings Accounts
Annuity
Tax Deduction
Mortgage
39. The chance that an investment has been misrepresented.
Expenses
Savings Accounts
Risk
Fraud Risk
40. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Lease
Savings Accounts
Fixed expenses
Checking account
41. A long-term loan to buy real estate including land and the structures on it.
Mortgage
Deductible
Fixed expenses
Landlord
42. The fee paid for insurance protection.
401 k
Progressive tax
Premium
Interest Rate
43. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Consumer Credit Counseling
Goal
Variable expenses
Dumpster Diving
44. Wages or salary before deductions for taxes and other purposes.
Progressive tax
Principal
Income
Gross income
45. 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
Reconcile
Credit
46. The original amount of money deposited or invested.
Risk
Check
Saving
Principal
47. 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)
Simple Interest
Progressive tax
Individual Retirement Account (IRA)
Credit union
48. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
401 k
Expenses
Goal setting
Creditor
49. Someone who knowingly deceives you for their own personal gain.
Benefits-received principle
Check
Deductions
Fraud
50. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Rate of Return
401 k
Dumpster Diving
Tenant
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