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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 written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Check
Coinsurance
Reconcile
Deductions
2. A purposeful course of action or purpose in life that generally provides income
Creditor
Interest Rate
Net income
Career
3. 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.
Charitable Giving
Tenant
Credit Score/Rating
Saving
4. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Hacking
Tax Deduction
Interest Rate
Mortgage company
5. The original amount of money deposited or invested.
Closing Costs
Consumer Credit Counseling
Dumpster Diving
Principal
6. 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.
Benefits-received principle
Savings Accounts
Social security
Gifts in-kind
7. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Savings Accounts
Benefits-received principle
Rate of Return
Variable expenses
8. A long-term loan to buy real estate including land and the structures on it.
Gross income
Mortgage
Credit Score/Rating
Premium
9. A set of principles or beliefs that govern an individual's actions.
Ethics
Goal
401 k
Closing Costs
10. Someone who knowingly deceives you for their own personal gain.
Deductions
Individual Retirement Account (IRA)
Fraud
Income
11. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Dumpster Diving
Tenant
Tenant
Individual Retirement Account (IRA)
12. 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
Creditor
Lease
Mortgage company
13. 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.
Social security
Lease
Simple Interest
Probability
14. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Mortgage
Credit Card
Debit card
Mortgage company
15. 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.
Net income
Risk
Income
Lease
16. A non-cash contribution to a charitable organization which can be given a cash value.
Copayment
Goal setting
Gifts in-kind
Progressive tax
17. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Tax Deduction
Mortgage
Bankruptcy
Rule of 72
18. 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.
Checking account
Credit Score/Rating
Fixed expenses
Risk
19. The fee paid for insurance protection.
Premium
Risk
Dumpster Diving
Net income
20. The chance that an investment has been misrepresented.
Credit
Fraud Risk
Fraud
Credit Bureau
21. A company that makes loans for the purchase of a house or other real estate.
Mortgage company
Gifts in-kind
Opportunity Cost
Career
22. A company that makes loans for the purchase of a house or other real estate.
Dumpster Diving
Budget
Mortgage company
Deductions
23. Wages or salary before deductions for taxes and other purposes.
Credit Card
Gross income
Opportunity Cost
Income
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.
Check
Check
Annuity
Saving
25. A plastic card used to deduct a purchase amount directly from your checking account.
Debit card
Interest
Gifts in-kind
Premium
26. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Debit card
Rule of 72
Gross income
Bankruptcy
27. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Mortgage
Savings Accounts
Fixed expenses
Dumpster Diving
28. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Probability
Fixed expenses
Identity Theft
Individual Retirement Account (IRA)
29. 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
Gross income
Lease
Dumpster Diving
30. The chance or likelihood that something will happen.
Rate of Return
Credit union
Credit
Probability
31. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Interest
Credit Card
Goal setting
Risk
32. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Consumer Credit Counseling
Progressive tax
Debit card
Simple Interest
33. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Credit Score/Rating
Dumpster Diving
Opportunity Cost
Consumer Credit Counseling
34. Costs paid when buying a house or real estate.
Tenant
Closing Costs
Morals
Hacking
35. A measure of the uncertainty of an investment's rate of return; possible losses.
Credit Score/Rating
Debit card
Benefits-received principle
Risk
36. Taking risks with personal finances or personal assets
Social security
Principal
Coinsurance
Gambling
37. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Principal
Tax Deduction
Gross income
Gambling
38. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Nonprofit organization
Check
Income
Charitable Giving
39. 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
Interest
Credit Card
Credit Score/Rating
40. Money earned from investments and employment.
Income
Dumpster Diving
401 k
Debit card
41. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Charitable Giving
Fixed expenses
Net income
Goal setting
42. 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.
Reconcile
Interest Rate
Mortgage company
Credit
43. A long-term loan to buy real estate including land and the structures on it.
Mortgage
Goal
Tax Deduction
Interest
44. Payment for the use of someone else's money
Interest
Career
Income
Credit
45. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Fraud
Identity Theft
Morals
Gross income
46. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Credit Score/Rating
Medicare
Nonprofit organization
Deductible
47. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Gambling
Net income
Risk
Dumpster Diving
48. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Dumpster Diving
Consumer Credit Counseling
Savings Accounts
Mortgage
49. A person or company to whom money is owed.
Gambling
Creditor
Identity Theft
Goal
50. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Credit Report
Fixed expenses
Simple Interest
Mortgage company