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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.
Expenses
Identity Theft
Nonprofit organization
Deductions
2. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Landlord
Mortgage
Fraud
Deductible
3. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Income
Closing Costs
Goal setting
Consumer Credit Counseling
4. A measure of the uncertainty of an investment's rate of return; possible losses.
Net income
Savings Accounts
Consumer Credit Counseling
Risk
5. A person who pays rent; the legal name for a renter.
Ethics
Medicare
Tenant
Career
6. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Check
Gross income
Goal setting
Identity Theft
7. Payment for the use of someone else's money
Ethics
Fraud Risk
Credit Card
Interest
8. 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.
Income
Mortgage
Rule of 72
401 k
9. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Expenses
Dumpster Diving
Consumer Credit Counseling
Debit card
10. 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
Credit union
Medicare
Expenses
11. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Gambling
Opportunity Cost
Career
Check
12. The fee paid for insurance protection.
Risk
Premium
Saving
Expenses
13. A person or company to whom money is owed.
Debit card
Variable expenses
Closing Costs
Creditor
14. 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.
Annuity
Individual Retirement Account (IRA)
Mortgage
Morals
15. Costs paid when buying a house or real estate.
Premium
Consumer Credit Counseling
Principal
Closing Costs
16. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Charitable Giving
Savings Accounts
Fixed expenses
Lease
17. The percentage of the costs of medical services paid by the patient.
Mortgage company
Expenses
Coinsurance
Reconcile
18. A non-cash contribution to a charitable organization which can be given a cash value.
Fraud
Nonprofit organization
Simple Interest
Gifts in-kind
19. A measure of the uncertainty of an investment's rate of return; possible losses.
Goal
Credit
Risk
Tax Deduction
20. 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)
Progressive tax
Net income
Interest Rate
Credit Score/Rating
21. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Goal setting
Rate of Return
Copayment
Mortgage company
22. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Risk
Rule of 72
Gross income
Dumpster Diving
23. How fast money in savings account or investment grows.
Progressive tax
Hacking
Rate of Return
Closing Costs
24. 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.
Hacking
Check
Gross income
Social security
25. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Lease
Income
Goal
Tenant
26. The act of giving to charitable organizations or to those in need.
Social security
Interest
Charitable Giving
Annuity
27. A set of principles or beliefs that govern an individual's actions.
Career
Gross income
Ethics
Risk
28. 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.
Savings Accounts
401 k
Progressive tax
Credit union
29. 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
Savings Accounts
Tax Deduction
Tenant
30. The chance or likelihood that something will happen.
Credit
Morals
Probability
Copayment
31. A legal organization providing services or activities without commercial or monetary gain.
Nonprofit organization
Credit union
Fraud Risk
Credit Report
32. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Reconcile
Morals
Probability
Ethics
33. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Tenant
Medicare
Bankruptcy
Goal
34. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Simple Interest
Variable expenses
Net income
Mortgage
35. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Rate of Return
Fixed expenses
Mortgage
Opportunity Cost
36. A company that makes loans for the purchase of a house or other real estate.
Copayment
Landlord
Mortgage company
Principal
37. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Rule of 72
Credit Report
Fixed expenses
Gambling
38. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Credit
Interest Rate
Fraud Risk
Mortgage company
39. Payment for the use of someone else's money
Variable expenses
Benefits-received principle
Interest
Net income
40. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Ethics
Goal setting
Expenses
Medicare
41. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Closing Costs
Interest Rate
Credit Card
Saving
42. Money earned from investments and employment.
Progressive tax
Income
Credit Bureau
Expenses
43. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Dumpster Diving
Income
Medicare
Rate of Return
44. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Medicare
Opportunity Cost
Ethics
Deductible
45. The fee paid for insurance protection.
401 k
Fraud
Morals
Premium
46. A legal organization providing services or activities without commercial or monetary gain.
Principal
Gifts in-kind
Medicare
Nonprofit organization
47. A person who owns property and rents it to another.
Mortgage
Nonprofit organization
Landlord
Copayment
48. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Coinsurance
Career
Identity Theft
Credit union
49. The percentage of the costs of medical services paid by the patient.
Mortgage
Coinsurance
Bankruptcy
Nonprofit organization
50. A non-cash contribution to a charitable organization which can be given a cash value.
Credit Bureau
Interest Rate
Gifts in-kind
Ethics