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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 financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Landlord
Credit Report
Savings Accounts
Coinsurance
2. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Opportunity Cost
Coinsurance
Income
Identity Theft
3. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Mortgage company
Progressive tax
Interest Rate
Morals
4. The chance that an investment has been misrepresented.
Fraud Risk
Gambling
Credit Report
Credit Card
5. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Debit card
Tax Deduction
Medicare
Goal setting
6. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Annuity
Reconcile
Credit Score/Rating
Interest
7. 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.
Coinsurance
Morals
Savings Accounts
Credit Report
8. Taking risks with personal finances or personal assets
Gambling
Opportunity Cost
Medicare
Probability
9. 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.
Credit Report
Closing Costs
Check
Lease
10. The value of the second-best alternative that a person gives up when making one choice instead of another.
Opportunity Cost
Closing Costs
Simple Interest
Individual Retirement Account (IRA)
11. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Bankruptcy
Dumpster Diving
Budget
Credit Card
12. A measure of the uncertainty of an investment's rate of return; possible losses.
Rule of 72
Deductions
Risk
Gross income
13. How fast money in savings account or investment grows.
Mortgage
Interest
Rate of Return
Social security
14. A purposeful course of action or purpose in life that generally provides income
Credit
401 k
Expenses
Career
15. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Morals
Medicare
Check
Probability
16. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Savings Accounts
Variable expenses
Goal setting
Benefits-received principle
17. The act of giving to charitable organizations or to those in need.
Copayment
Budget
Charitable Giving
Lease
18. An establishment that collects and distributes credit history info. of individuals & business.
Budget
Principal
Copayment
Credit Bureau
19. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Credit
Tenant
401 k
Identity Theft
20. The value of the second-best alternative that a person gives up when making one choice instead of another.
Individual Retirement Account (IRA)
Goal setting
Opportunity Cost
Identity Theft
21. 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)
Credit Card
Progressive tax
Fraud Risk
Morals
22. 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
Credit Card
Annuity
Interest
23. 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
Goal setting
Risk
Fixed expenses
24. Payment for the use of someone else's money
Checking account
Credit Score/Rating
Deductible
Interest
25. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Credit Bureau
Consumer Credit Counseling
Mortgage
Bankruptcy
26. A company that makes loans for the purchase of a house or other real estate.
Consumer Credit Counseling
Mortgage company
Career
Goal setting
27. How fast money in savings account or investment grows.
Rate of Return
Progressive tax
Goal setting
Interest Rate
28. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Gross income
Deductible
Deductions
Gifts in-kind
29. The chance that an investment has been misrepresented.
Credit Card
Fraud Risk
Rule of 72
Expenses
30. 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)
Goal
Morals
Coinsurance
Progressive tax
31. 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.
Consumer Credit Counseling
Medicare
Closing Costs
Credit Report
32. A non-cash contribution to a charitable organization which can be given a cash value.
Credit Bureau
Gifts in-kind
Probability
Annuity
33. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Rule of 72
Creditor
Probability
Copayment
34. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Charitable Giving
Rule of 72
Interest Rate
Closing Costs
35. Someone who knowingly deceives you for their own personal gain.
Opportunity Cost
Fraud
Individual Retirement Account (IRA)
Copayment
36. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Simple Interest
Credit union
Risk
Benefits-received principle
37. A person who pays rent; the legal name for a renter.
Credit
Principal
Tenant
Tax Deduction
38. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Lease
Deductions
Morals
Goal
39. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Gambling
Credit union
Variable expenses
Morals
40. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Check
Reconcile
401 k
Credit Score/Rating
41. A legal organization providing services or activities without commercial or monetary gain.
Nonprofit organization
Identity Theft
Dumpster Diving
Morals
42. 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
Variable expenses
Gifts in-kind
Tenant
43. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Tenant
Net income
Dumpster Diving
Check
44. Costs paid when buying a house or real estate.
Lease
Tenant
Ethics
Closing Costs
45. A legal organization providing services or activities without commercial or monetary gain.
Risk
Credit Score/Rating
Nonprofit organization
Morals
46. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Hacking
Check
Career
Net income
47. A purposeful course of action or purpose in life that generally provides income
Simple Interest
Income
Dumpster Diving
Career
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.
Credit
Ethics
Mortgage
Progressive tax
49. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Charitable Giving
Risk
Identity Theft
Coinsurance
50. A plastic card used to deduct a purchase amount directly from your checking account.
Morals
Debit card
Lease
Saving