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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 bank or credit union account that allows withdrawals by writing a check.
Gambling
Charitable Giving
Reconcile
Checking account
2. 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.
Credit
Budget
Saving
Coinsurance
3. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Charitable Giving
Dumpster Diving
Saving
Coinsurance
4. A person who owns property and rents it to another.
Copayment
Expenses
Creditor
Landlord
5. The original amount of money deposited or invested.
Mortgage
Credit union
Principal
Copayment
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.
Interest
Nonprofit organization
Dumpster Diving
Credit Score/Rating
7. Costs paid when buying a house or real estate.
Closing Costs
Expenses
Interest Rate
Annuity
8. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Coinsurance
Tax Deduction
Social security
Savings Accounts
9. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Net income
Principal
Annuity
Rule of 72
10. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Savings Accounts
Social security
Consumer Credit Counseling
Savings Accounts
11. 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
Charitable Giving
Bankruptcy
Checking account
12. A non-cash contribution to a charitable organization which can be given a cash value.
401 k
Gifts in-kind
Interest
Premium
13. A purposeful course of action or purpose in life that generally provides income
Budget
Career
Mortgage
Copayment
14. A person or company to whom money is owed.
Goal
Creditor
Income
Dumpster Diving
15. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Tax Deduction
Career
Variable expenses
Variable expenses
16. A person who pays rent; the legal name for a renter.
Social security
Dumpster Diving
Tenant
Premium
17. The act of giving to charitable organizations or to those in need.
Social security
Charitable Giving
Credit Card
Simple Interest
18. 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)
Net income
Progressive tax
Copayment
Individual Retirement Account (IRA)
19. 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
Tax Deduction
Fraud
Fixed expenses
20. The chance or likelihood that something will happen.
Nonprofit organization
Probability
Ethics
Credit Card
21. An establishment that collects and distributes credit history info. of individuals & business.
Bankruptcy
Fraud Risk
Credit Bureau
Simple Interest
22. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Simple Interest
Premium
Progressive tax
Check
23. Costs paid when buying a house or real estate.
Closing Costs
Probability
Hacking
Gross income
24. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Expenses
Hacking
Coinsurance
Credit Score/Rating
25. A non-cash contribution to a charitable organization which can be given a cash value.
Nonprofit organization
Bankruptcy
Rule of 72
Gifts in-kind
26. A company that makes loans for the purchase of a house or other real estate.
Mortgage company
Credit Report
Interest Rate
Identity Theft
27. 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
Progressive tax
Consumer Credit Counseling
Credit union
28. 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.
Simple Interest
Check
Tax Deduction
Rule of 72
29. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Principal
Reconcile
Mortgage company
Interest
30. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Variable expenses
Checking account
Fraud Risk
Income
31. Wages or salary before deductions for taxes and other purposes.
Gross income
Nonprofit organization
Credit Bureau
Benefits-received principle
32. How fast money in savings account or investment grows.
Rate of Return
Gambling
Checking account
Hacking
33. A company that makes loans for the purchase of a house or other real estate.
Copayment
Mortgage company
Saving
Interest
34. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Probability
Gifts in-kind
Check
Credit
35. 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.
Credit Score/Rating
Deductible
Gambling
Rule of 72
36. A plastic card used to deduct a purchase amount directly from your checking account.
Gross income
Debit card
Career
Morals
37. A legal organization providing services or activities without commercial or monetary gain.
Gifts in-kind
Landlord
Closing Costs
Nonprofit organization
38. 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.
Medicare
Social security
Tenant
Goal
39. The act of giving to charitable organizations or to those in need.
Budget
Budget
Charitable Giving
Progressive tax
40. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Goal setting
Morals
Gambling
Individual Retirement Account (IRA)
41. 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.
Benefits-received principle
Interest
Gross income
Credit Report
42. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Social security
Annuity
Fraud
Saving
43. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Fixed expenses
Checking account
Expenses
Consumer Credit Counseling
44. The chance or likelihood that something will happen.
Lease
Probability
Credit Report
Charitable Giving
45. Money earned from investments and employment.
Bankruptcy
Income
Debit card
Credit
46. Wages or salary before deductions for taxes and other purposes.
Simple Interest
Credit Card
Gross income
Probability
47. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Interest
Expenses
Fixed expenses
Career
48. A person who pays rent; the legal name for a renter.
Budget
Income
Credit
Tenant
49. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Credit Report
Medicare
Individual Retirement Account (IRA)
Identity Theft
50. 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.
Rate of Return
401 k
Ethics
Deductions