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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. A person who pays rent; the legal name for a renter.
Tenant
Income
Rule of 72
Rule of 72
2. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Income
Credit Report
Simple Interest
Savings Accounts
3. Taking risks with personal finances or personal assets
Deductions
Gambling
Credit union
Mortgage
4. 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
Consumer Credit Counseling
Deductions
Goal setting
5. How fast money in savings account or investment grows.
Rate of Return
Gambling
Credit Score/Rating
Check
6. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Morals
Probability
Goal
Opportunity Cost
7. Costs paid when buying a house or real estate.
Gambling
Credit Card
Closing Costs
Tax Deduction
8. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Premium
Goal setting
Fraud
Income
9. A legal organization providing services or activities without commercial or monetary gain.
Nonprofit organization
Fixed expenses
Annuity
Credit Score/Rating
10. 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
Tax Deduction
Credit Card
Debit card
11. Costs paid when buying a house or real estate.
Individual Retirement Account (IRA)
Closing Costs
Tenant
Interest Rate
12. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Gross income
Closing Costs
Mortgage
Check
13. A purposeful course of action or purpose in life that generally provides income
Check
Bankruptcy
Rate of Return
Career
14. The value of the second-best alternative that a person gives up when making one choice instead of another.
Expenses
Opportunity Cost
Credit Bureau
Fixed expenses
15. Anything subtracted from your gross income.
Deductions
Credit Bureau
Gambling
Goal setting
16. The percentage of the costs of medical services paid by the patient.
Income
Gambling
Mortgage company
Coinsurance
17. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Simple Interest
Deductions
Identity Theft
Deductible
18. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Benefits-received principle
Medicare
Morals
Gifts in-kind
19. How fast money in savings account or investment grows.
Goal
Premium
Risk
Rate of Return
20. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Dumpster Diving
Rate of Return
Identity Theft
Income
21. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Nonprofit organization
Tenant
Morals
Check
22. The original amount of money deposited or invested.
Principal
Saving
Mortgage
Gross income
23. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Fixed expenses
Fraud
Gambling
Hacking
24. A set of principles or beliefs that govern an individual's actions.
Gambling
Ethics
Individual Retirement Account (IRA)
Dumpster Diving
25. The chance or likelihood that something will happen.
Goal setting
Fraud
Deductions
Probability
26. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Nonprofit organization
Credit Card
Fraud
Simple Interest
27. A company that makes loans for the purchase of a house or other real estate.
Principal
Progressive tax
Opportunity Cost
Mortgage company
28. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Medicare
Principal
Interest Rate
Hacking
29. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Goal
Consumer Credit Counseling
Income
Fraud Risk
30. An establishment that collects and distributes credit history info. of individuals & business.
Credit Bureau
Landlord
Charitable Giving
Credit Score/Rating
31. 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.
Closing Costs
Debit card
Creditor
Lease
32. The act of giving to charitable organizations or to those in need.
Progressive tax
Premium
Charitable Giving
Landlord
33. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Creditor
Hacking
Debit card
Gross income
34. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Charitable Giving
Deductible
Morals
Credit Bureau
35. An establishment that collects and distributes credit history info. of individuals & business.
Budget
Credit Bureau
Bankruptcy
Credit Card
36. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Copayment
Fixed expenses
Gifts in-kind
Deductions
37. A company that makes loans for the purchase of a house or other real estate.
Mortgage company
Credit Bureau
Morals
Probability
38. A non-cash contribution to a charitable organization which can be given a cash value.
Credit Card
Budget
Gifts in-kind
Expenses
39. Money earned from investments and employment.
Income
Mortgage
Progressive tax
Interest
40. The act of giving to charitable organizations or to those in need.
Fixed expenses
Credit
Landlord
Charitable Giving
41. A measure of the uncertainty of an investment's rate of return; possible losses.
Savings Accounts
Tax Deduction
Risk
Income
42. The length of time & in years that it takes an amount of money saved to double when it receives compound interest. This length of time can be found by dividing the interest rate into 72.
Tenant
Rule of 72
Progressive tax
Individual Retirement Account (IRA)
43. 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)
Premium
Credit union
Interest Rate
44. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Medicare
Landlord
Net income
Check
45. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Dumpster Diving
Interest
Consumer Credit Counseling
Morals
46. 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
Reconcile
Credit
Gambling
47. A person or company to whom money is owed.
Premium
Creditor
Budget
Saving
48. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Debit card
Identity Theft
Reconcile
Gambling
49. A long-term loan to buy real estate including land and the structures on it.
Tenant
Mortgage
Income
Gambling
50. A bank or credit union account that allows withdrawals by writing a check.
Landlord
Checking account
Morals
Savings Accounts