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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 purposeful course of action or purpose in life that generally provides income
Credit Report
Expenses
Career
Lease
2. 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
Premium
Tenant
3. A legal organization providing services or activities without commercial or monetary gain.
Charitable Giving
Rate of Return
Gifts in-kind
Nonprofit organization
4. 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.
Creditor
Gifts in-kind
Landlord
Budget
5. How fast money in savings account or investment grows.
Rate of Return
Risk
Probability
Progressive tax
6. A bank or credit union account that allows withdrawals by writing a check.
Bankruptcy
Mortgage
Interest Rate
Checking account
7. Costs paid when buying a house or real estate.
Closing Costs
Interest Rate
Coinsurance
Tenant
8. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Savings Accounts
Budget
Interest
Dumpster Diving
9. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Debit card
Credit Card
Expenses
Dumpster Diving
10. 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.
Deductible
Ethics
Expenses
Credit
11. 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.
Goal
Bankruptcy
Medicare
Social security
12. How fast money in savings account or investment grows.
Creditor
Nonprofit organization
Rate of Return
Goal setting
13. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Closing Costs
Expenses
Charitable Giving
Medicare
14. Payment for the use of someone else's money
Gambling
Closing Costs
Tax Deduction
Interest
15. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Variable expenses
Interest
Lease
Individual Retirement Account (IRA)
16. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Bankruptcy
Goal
Annuity
Deductible
17. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Mortgage
Income
Coinsurance
Annuity
18. A long-term loan to buy real estate including land and the structures on it.
Mortgage
Expenses
Probability
Hacking
19. A person who pays rent; the legal name for a renter.
401 k
Tenant
Gambling
Expenses
20. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Fraud
Dumpster Diving
Gambling
Goal
21. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Reconcile
Goal
Copayment
Rule of 72
22. The value of the second-best alternative that a person gives up when making one choice instead of another.
Opportunity Cost
Reconcile
Nonprofit organization
Credit Score/Rating
23. 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
Expenses
Nonprofit organization
Nonprofit organization
24. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Nonprofit organization
Saving
Hacking
Credit Score/Rating
25. The act of giving to charitable organizations or to those in need.
Charitable Giving
Income
Consumer Credit Counseling
Rule of 72
26. Wages or salary before deductions for taxes and other purposes.
Fraud Risk
Ethics
Gross income
Hacking
27. The chance or likelihood that something will happen.
Annuity
Checking account
Variable expenses
Probability
28. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Credit
Goal setting
Credit union
Principal
29. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Fraud
Mortgage company
Checking account
Bankruptcy
30. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Credit Card
Identity Theft
Savings Accounts
Mortgage
31. A bank or credit union account that allows withdrawals by writing a check.
Budget
Checking account
Mortgage
Landlord
32. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Opportunity Cost
Probability
Goal
Reconcile
33. A long-term loan to buy real estate including land and the structures on it.
Career
Mortgage
Charitable Giving
Credit Card
34. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Mortgage company
Progressive tax
Check
Net income
35. 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.
Coinsurance
401 k
Mortgage company
Consumer Credit Counseling
36. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Goal
Simple Interest
Morals
Goal setting
37. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Identity Theft
Income
Benefits-received principle
Medicare
38. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Variable expenses
Consumer Credit Counseling
Mortgage
Progressive tax
39. 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.
Individual Retirement Account (IRA)
Identity Theft
Creditor
Credit
40. A person who owns property and rents it to another.
401 k
Landlord
Risk
Social security
41. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Interest Rate
Deductions
Progressive tax
Deductible
42. Someone who knowingly deceives you for their own personal gain.
Deductions
Fraud
Charitable Giving
Tax Deduction
43. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Simple Interest
Debit card
Interest Rate
Saving
44. A set of principles or beliefs that govern an individual's actions.
Rate of Return
Morals
Copayment
Ethics
45. The original amount of money deposited or invested.
401 k
Opportunity Cost
Bankruptcy
Principal
46. The percentage of the costs of medical services paid by the patient.
Gambling
Checking account
Coinsurance
Principal
47. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Consumer Credit Counseling
Tax Deduction
Progressive tax
Social security
48. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Goal setting
Savings Accounts
Budget
Annuity
49. The chance that an investment has been misrepresented.
Fraud Risk
Tenant
Debit card
Opportunity Cost
50. Costs paid when buying a house or real estate.
Income
Closing Costs
Goal setting
Risk