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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.
Identity Theft
Opportunity Cost
Ethics
Creditor
2. 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.
Landlord
Rate of Return
Annuity
Income
3. 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.
Income
Social security
401 k
Hacking
4. A company that makes loans for the purchase of a house or other real estate.
Mortgage company
Identity Theft
Rule of 72
Benefits-received principle
5. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Gross income
Identity Theft
Hacking
Income
6. 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 Report
Charitable Giving
Gross income
Credit Score/Rating
7. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Debit card
Gross income
Social security
Goal setting
8. The original amount of money deposited or invested.
Principal
Consumer Credit Counseling
Individual Retirement Account (IRA)
Identity Theft
9. A set of principles or beliefs that govern an individual's actions.
Dumpster Diving
Fraud
Ethics
Goal
10. A purposeful course of action or purpose in life that generally provides income
Rule of 72
Simple Interest
Interest
Career
11. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Variable expenses
Mortgage
Gross income
Dumpster Diving
12. A person who pays rent; the legal name for a renter.
Tenant
Simple Interest
Charitable Giving
401 k
13. 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.
Mortgage
Nonprofit organization
Closing Costs
Budget
14. A person who owns property and rents it to another.
Fraud
Morals
Landlord
Mortgage company
15. 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 Score/Rating
Opportunity Cost
Credit
Reconcile
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.
Saving
Progressive tax
Credit Score/Rating
Goal setting
17. Wages or salary before deductions for taxes and other purposes.
Credit Card
Gross income
Probability
Mortgage
18. Money earned from investments and employment.
Mortgage
Income
Social security
Saving
19. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
401 k
Credit Report
Check
Individual Retirement Account (IRA)
20. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Lease
Credit Card
Tax Deduction
Coinsurance
21. 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.
Check
Credit
Rule of 72
Mortgage
22. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Identity Theft
Variable expenses
Annuity
Tax Deduction
23. The chance that an investment has been misrepresented.
401 k
Fraud Risk
Checking account
Simple Interest
24. 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.
Credit Report
Credit
Landlord
Bankruptcy
25. The chance or likelihood that something will happen.
Ethics
Deductible
Nonprofit organization
Probability
26. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Annuity
Lease
Progressive tax
Fixed expenses
27. A non-cash contribution to a charitable organization which can be given a cash value.
Fraud Risk
Fraud Risk
Gifts in-kind
Reconcile
28. Anything subtracted from your gross income.
Progressive tax
401 k
Gross income
Deductions
29. Taking risks with personal finances or personal assets
Closing Costs
Debit card
Hacking
Gambling
30. A measure of the uncertainty of an investment's rate of return; possible losses.
Saving
Individual Retirement Account (IRA)
Net income
Risk
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)
Lease
Creditor
Closing Costs
Progressive tax
32. Payment for the use of someone else's money
Goal
Interest
Expenses
Closing Costs
33. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Deductible
Fixed expenses
Expenses
Interest Rate
34. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Expenses
Tenant
Lease
Annuity
35. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Dumpster Diving
Debit card
Principal
Goal setting
36. The percentage of the costs of medical services paid by the patient.
Dumpster Diving
Gross income
Benefits-received principle
Coinsurance
37. The original amount of money deposited or invested.
Copayment
Principal
Saving
Social security
38. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Coinsurance
Net income
Credit union
Career
39. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Hacking
Expenses
Mortgage
Dumpster Diving
40. Costs paid when buying a house or real estate.
Coinsurance
Saving
Interest
Closing Costs
41. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Social security
Credit union
Gifts in-kind
Check
42. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Gross income
Income
Mortgage
Savings Accounts
43. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Hacking
Credit Card
Mortgage company
Credit
44. Someone who knowingly deceives you for their own personal gain.
Fraud
Credit Report
Premium
Closing Costs
45. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Simple Interest
Mortgage
Tenant
Dumpster Diving
46. The chance or likelihood that something will happen.
Debit card
Probability
Saving
Benefits-received principle
47. A bank or credit union account that allows withdrawals by writing a check.
Morals
Premium
Premium
Checking account
48. 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.
Benefits-received principle
Goal setting
Credit
Fixed expenses
49. A non-cash contribution to a charitable organization which can be given a cash value.
Gifts in-kind
Credit Bureau
Deductions
Mortgage company
50. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Creditor
Simple Interest
Deductible
401 k