SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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. How fast money in savings account or investment grows.
Consumer Credit Counseling
Nonprofit organization
Credit
Rate of Return
2. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Credit Report
Dumpster Diving
Variable expenses
Deductions
3. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Dumpster Diving
Benefits-received principle
Check
Principal
4. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Mortgage
Annuity
Savings Accounts
Expenses
5. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Mortgage company
Closing Costs
Interest Rate
Simple Interest
6. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Check
Fixed expenses
Income
Identity Theft
7. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Charitable Giving
401 k
Variable expenses
Career
8. A plastic card used to deduct a purchase amount directly from your checking account.
Deductible
Saving
Debit card
Fraud Risk
9. The original amount of money deposited or invested.
Credit Bureau
Reconcile
Goal
Principal
10. A purposeful course of action or purpose in life that generally provides income
Budget
Career
Lease
Gifts in-kind
11. Costs paid when buying a house or real estate.
Credit Score/Rating
Creditor
Closing Costs
Budget
12. Payment for the use of someone else's money
Risk
Deductions
Creditor
Interest
13. The fee paid for insurance protection.
Expenses
Hacking
Premium
Risk
14. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Saving
Interest Rate
Mortgage company
Income
15. 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.
Medicare
Landlord
Annuity
Nonprofit organization
16. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Savings Accounts
Credit Report
Rate of Return
Saving
17. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Ethics
Mortgage
Identity Theft
Tenant
18. An establishment that collects and distributes credit history info. of individuals & business.
Coinsurance
Risk
Credit Bureau
Ethics
19. Anything subtracted from your gross income.
Copayment
Deductions
Coinsurance
Credit Report
20. 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)
Opportunity Cost
Social security
Fraud
Progressive tax
21. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
401 k
Morals
Benefits-received principle
Gambling
22. The value of the second-best alternative that a person gives up when making one choice instead of another.
Deductions
Bankruptcy
Opportunity Cost
Annuity
23. The chance that an investment has been misrepresented.
Fraud Risk
Rule of 72
Goal setting
Dumpster Diving
24. 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.
Income
Lease
Income
Copayment
25. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Net income
Income
Tax Deduction
Credit Bureau
26. A bank or credit union account that allows withdrawals by writing a check.
Income
Fixed expenses
Checking account
Mortgage company
27. Someone who knowingly deceives you for their own personal gain.
Budget
Fraud
Fraud Risk
Copayment
28. A non-cash contribution to a charitable organization which can be given a cash value.
Coinsurance
Reconcile
Ethics
Gifts in-kind
29. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Career
Deductible
Copayment
Interest Rate
30. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Credit
Consumer Credit Counseling
Probability
Landlord
31. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Reconcile
Landlord
Credit Report
Rate of Return
32. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Opportunity Cost
Tax Deduction
Goal
Dumpster Diving
33. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Creditor
Medicare
Dumpster Diving
Debit card
34. Costs paid when buying a house or real estate.
Mortgage
Closing Costs
Interest Rate
Fraud
35. A person who owns property and rents it to another.
Landlord
Morals
Premium
Annuity
36. 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
Budget
Social security
401 k
37. A legal organization providing services or activities without commercial or monetary gain.
Individual Retirement Account (IRA)
Closing Costs
Gambling
Nonprofit organization
38. A person or company to whom money is owed.
Credit Score/Rating
Coinsurance
Copayment
Creditor
39. A company that makes loans for the purchase of a house or other real estate.
Individual Retirement Account (IRA)
Mortgage company
Credit Card
Dumpster Diving
40. Wages or salary before deductions for taxes and other purposes.
Copayment
Creditor
Gross income
Interest
41. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Budget
Interest Rate
Closing Costs
Gross income
42. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Deductible
Identity Theft
Simple Interest
Saving
43. 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.
Deductions
Goal setting
Mortgage company
Credit Report
44. 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.
Copayment
Check
Credit
Lease
45. Taking risks with personal finances or personal assets
Bankruptcy
Mortgage
Expenses
Gambling
46. How fast money in savings account or investment grows.
Mortgage
Deductions
Rate of Return
Charitable Giving
47. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Mortgage company
Medicare
Credit Card
Closing Costs
48. 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
Credit
Coinsurance
Benefits-received principle
49. A measure of the uncertainty of an investment's rate of return; possible losses.
Benefits-received principle
Fraud
Lease
Risk
50. A long-term loan to buy real estate including land and the structures on it.
Savings Accounts
Mortgage
Nonprofit organization
Dumpster Diving