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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. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Income
Expenses
Gross income
Goal setting
2. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Check
Goal setting
Probability
Credit union
3. 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.
Interest
Budget
401 k
Morals
4. Money earned from investments and employment.
Saving
Income
Charitable Giving
Medicare
5. A purposeful course of action or purpose in life that generally provides income
Career
Opportunity Cost
Credit union
Hacking
6. Using a person's name or personal information without the person's permission to steal money or get other benefit.
401 k
Closing Costs
Identity Theft
Morals
7. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Dumpster Diving
Annuity
Credit Score/Rating
Consumer Credit Counseling
8. 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
Charitable Giving
Credit Report
Ethics
9. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Deductible
Net income
Closing Costs
Dumpster Diving
10. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Income
Creditor
Goal setting
Reconcile
11. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Benefits-received principle
Opportunity Cost
Closing Costs
Individual Retirement Account (IRA)
12. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Gross income
Credit
Interest Rate
Credit Score/Rating
13. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Bankruptcy
Morals
Tax Deduction
Fixed expenses
14. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Check
Closing Costs
Credit Bureau
Mortgage
15. A legal organization providing services or activities without commercial or monetary gain.
Charitable Giving
401 k
Nonprofit organization
Tenant
16. The percentage of the costs of medical services paid by the patient.
Coinsurance
Mortgage company
Premium
Interest
17. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Gross income
Deductible
Social security
Bankruptcy
18. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Tenant
Principal
Check
Dumpster Diving
19. 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.
Annuity
Credit Report
Interest
Mortgage company
20. A person who owns property and rents it to another.
Opportunity Cost
Benefits-received principle
Landlord
Medicare
21. A company that makes loans for the purchase of a house or other real estate.
Ethics
Mortgage company
Landlord
Credit Score/Rating
22. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Risk
Tax Deduction
Variable expenses
Rate of Return
23. An establishment that collects and distributes credit history info. of individuals & business.
Consumer Credit Counseling
Mortgage
Interest
Credit Bureau
24. 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
Credit Card
Principal
Credit Score/Rating
25. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Annuity
Hacking
Gambling
Goal
26. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Mortgage
Reconcile
Income
Credit Card
27. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Income
Tax Deduction
Career
Annuity
28. A person who pays rent; the legal name for a renter.
Credit Card
Tenant
Mortgage company
Interest Rate
29. A person who pays rent; the legal name for a renter.
Savings Accounts
Ethics
Tenant
Mortgage company
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.
Lease
Credit Report
Nonprofit organization
Career
31. A purposeful course of action or purpose in life that generally provides income
Career
Morals
401 k
401 k
32. The original amount of money deposited or invested.
Deductions
Benefits-received principle
Principal
Fraud
33. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Credit union
Premium
Fixed expenses
Principal
34. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Goal setting
Debit card
Reconcile
Charitable Giving
35. 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
Consumer Credit Counseling
Principal
Principal
36. A plastic card used to deduct a purchase amount directly from your checking account.
Simple Interest
Debit card
Principal
Progressive tax
37. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Fixed expenses
Probability
Credit Card
Individual Retirement Account (IRA)
38. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Fraud Risk
Tax Deduction
Interest
Landlord
39. 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.
Income
Goal setting
Goal
Credit
40. The fee paid for insurance protection.
Charitable Giving
Goal
Premium
Interest Rate
41. A bank or credit union account that allows withdrawals by writing a check.
Fixed expenses
Rule of 72
Checking account
Credit union
42. 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.
Savings Accounts
401 k
Mortgage company
Deductions
43. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Mortgage
Saving
Gifts in-kind
Ethics
44. The act of giving to charitable organizations or to those in need.
Copayment
Charitable Giving
Deductions
Opportunity Cost
45. A person or company to whom money is owed.
Simple Interest
Creditor
Opportunity Cost
Closing Costs
46. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Individual Retirement Account (IRA)
Progressive tax
Income
Morals
47. The act of giving to charitable organizations or to those in need.
Charitable Giving
Risk
Principal
Variable expenses
48. A set of principles or beliefs that govern an individual's actions.
Bankruptcy
Principal
Ethics
Landlord
49. 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.
Goal
Lease
Saving
Goal
50. 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)
Risk
Progressive tax
Medicare
Creditor