Test your basic knowledge |

Financial Literacy Vocab

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 set of principles or beliefs that govern an individual's actions.






2. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.






3. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.






4. Someone who knowingly deceives you for their own personal gain.






5. Anything subtracted from your gross income.






6. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.






7. Money earned from investments and employment.






8. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.






9. 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.






10. A person who owns property and rents it to another.






11. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.






12. Payment for the use of someone else's money






13. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.






14. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.






15. The fee paid for insurance protection.






16. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.






17. 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.






18. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)






19. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.






20. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.






21. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.






22. The act of giving to charitable organizations or to those in need.






23. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)






24. 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.






25. A non-cash contribution to a charitable organization which can be given a cash value.






26. A plastic card used to deduct a purchase amount directly from your checking account.






27. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.






28. An establishment that collects and distributes credit history info. of individuals & business.






29. How fast money in savings account or investment grows.






30. A long-term loan to buy real estate including land and the structures on it.






31. A person or company to whom money is owed.






32. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.






33. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.






34. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.






35. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.






36. A person who pays rent; the legal name for a renter.






37. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.






38. Someone who rummages through your trash looking for bills or other paper with your personal information on it.






39. A plastic card used to deduct a purchase amount directly from your checking account.






40. A long-term loan to buy real estate including land and the structures on it.






41. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.






42. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.






43. A measure of the uncertainty of an investment's rate of return; possible losses.






44. Taking risks with personal finances or personal assets






45. Someone who knowingly deceives you for their own personal gain.






46. 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.






47. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.






48. 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.






49. How fast money in savings account or investment grows.






50. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.