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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. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Identity Theft
Fraud Risk
Fixed expenses
Credit Bureau
2. Costs paid when buying a house or real estate.
Career
Rate of Return
Identity Theft
Closing Costs
3. A long-term loan to buy real estate including land and the structures on it.
Credit Score/Rating
Progressive tax
Debit card
Mortgage
4. Someone who knowingly deceives you for their own personal gain.
Mortgage
Variable expenses
Tenant
Fraud
5. An establishment that collects and distributes credit history info. of individuals & business.
401 k
Credit Bureau
Credit Report
Copayment
6. 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.
Expenses
Mortgage
Budget
Risk
7. A person who pays rent; the legal name for a renter.
Tenant
Hacking
Bankruptcy
Deductible
8. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Expenses
Career
Lease
Budget
9. How fast money in savings account or investment grows.
Interest
Credit Bureau
Rate of Return
Mortgage
10. 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.
Expenses
Probability
Probability
Lease
11. 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.
Rate of Return
Interest Rate
Deductions
Credit Score/Rating
12. A plastic card used to deduct a purchase amount directly from your checking account.
Debit card
Identity Theft
Principal
Tenant
13. The percentage of the costs of medical services paid by the patient.
Coinsurance
Net income
Consumer Credit Counseling
Debit card
14. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Tax Deduction
Fraud Risk
Goal setting
Goal
15. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Expenses
Interest Rate
Tenant
Credit union
16. A person who owns property and rents it to another.
Interest Rate
Deductions
Landlord
Charitable Giving
17. A bank or credit union account that allows withdrawals by writing a check.
Gifts in-kind
Checking account
Income
Gross income
18. The value of the second-best alternative that a person gives up when making one choice instead of another.
Opportunity Cost
Tax Deduction
Fixed expenses
Benefits-received principle
19. Anything subtracted from your gross income.
Coinsurance
Deductions
Morals
Check
20. The chance that an investment has been misrepresented.
Fraud Risk
Credit Bureau
Net income
Income
21. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Risk
Credit
Simple Interest
Lease
22. Anything subtracted from your gross income.
Gross income
Deductions
Gifts in-kind
Tax Deduction
23. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Lease
Individual Retirement Account (IRA)
Reconcile
Social security
24. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Career
Closing Costs
Check
Credit Report
25. A purposeful course of action or purpose in life that generally provides income
Interest
Copayment
Career
Individual Retirement Account (IRA)
26. 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.
Bankruptcy
Interest Rate
Credit
Identity Theft
27. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Debit card
Morals
Reconcile
Credit
28. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Goal
Coinsurance
Credit Bureau
Gambling
29. Money earned from investments and employment.
Income
Savings Accounts
Creditor
Expenses
30. A measure of the uncertainty of an investment's rate of return; possible losses.
Deductions
Risk
Income
Charitable Giving
31. The percentage of the costs of medical services paid by the patient.
Coinsurance
Rate of Return
Credit union
Nonprofit organization
32. A company that makes loans for the purchase of a house or other real estate.
Ethics
Landlord
Mortgage company
Opportunity Cost
33. An establishment that collects and distributes credit history info. of individuals & business.
Budget
Credit Bureau
Probability
Income
34. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Morals
Copayment
Check
Variable expenses
35. 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.
Gambling
Fraud
Medicare
Lease
36. How fast money in savings account or investment grows.
Charitable Giving
Expenses
Coinsurance
Rate of Return
37. The original amount of money deposited or invested.
Budget
Career
Principal
Goal
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
Gross income
Credit union
39. Someone who knowingly deceives you for their own personal gain.
Copayment
Fraud
Fixed expenses
Opportunity Cost
40. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Rate of Return
Deductions
Variable expenses
Creditor
41. A bank or credit union account that allows withdrawals by writing a check.
Fraud
Checking account
Bankruptcy
Mortgage
42. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Benefits-received principle
Fixed expenses
Creditor
Tax Deduction
43. 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
Social security
Opportunity Cost
Benefits-received principle
44. A purposeful course of action or purpose in life that generally provides income
Net income
Saving
Career
Check
45. A non-cash contribution to a charitable organization which can be given a cash value.
Income
Income
Gifts in-kind
Variable expenses
46. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Income
Fraud Risk
Saving
Interest Rate
47. 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)
Mortgage
Identity Theft
Saving
Progressive tax
48. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Savings Accounts
Charitable Giving
Medicare
Tenant
49. The original amount of money deposited or invested.
Progressive tax
Principal
Opportunity Cost
Lease
50. Wages or salary before deductions for taxes and other purposes.
Tenant
Gross income
Fraud
Creditor