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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. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Fixed expenses
Credit union
Check
Mortgage
2. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Goal setting
Tax Deduction
Dumpster Diving
Ethics
3. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Check
Social security
Ethics
Principal
4. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Interest Rate
Closing Costs
Identity Theft
Probability
5. Money earned from investments and employment.
Income
Morals
Deductions
Credit
6. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Net income
Fixed expenses
Copayment
Credit
7. A person who owns property and rents it to another.
Mortgage company
Identity Theft
Landlord
Budget
8. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Mortgage
Benefits-received principle
Mortgage company
Opportunity Cost
9. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Copayment
Credit Card
Gifts in-kind
Budget
10. Taking risks with personal finances or personal assets
Mortgage
Simple Interest
Individual Retirement Account (IRA)
Gambling
11. 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
Savings Accounts
Interest
Bankruptcy
12. A set of principles or beliefs that govern an individual's actions.
Risk
Ethics
Deductible
Hacking
13. A non-cash contribution to a charitable organization which can be given a cash value.
Credit Bureau
Credit
Benefits-received principle
Gifts in-kind
14. The percentage of the costs of medical services paid by the patient.
Annuity
Landlord
Coinsurance
Dumpster Diving
15. 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
Mortgage
Variable expenses
Creditor
16. 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.
Rule of 72
Fraud Risk
Checking account
Medicare
17. How fast money in savings account or investment grows.
Benefits-received principle
Lease
Debit card
Rate of Return
18. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Income
Career
Risk
Benefits-received principle
19. The chance that an investment has been misrepresented.
Career
Fraud Risk
Copayment
Variable expenses
20. 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
Progressive tax
Landlord
Fraud
21. Anything subtracted from your gross income.
Debit card
Credit Score/Rating
Income
Deductions
22. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Social security
Net income
Copayment
Individual Retirement Account (IRA)
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.
Checking account
Reconcile
Opportunity Cost
Principal
24. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Annuity
Bankruptcy
Interest Rate
Premium
25. Payment for the use of someone else's money
Identity Theft
Credit Score/Rating
Credit Card
Interest
26. The chance or likelihood that something will happen.
Probability
Expenses
Saving
Credit Report
27. A long-term loan to buy real estate including land and the structures on it.
Expenses
Fixed expenses
Mortgage
Creditor
28. 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.
Individual Retirement Account (IRA)
Expenses
Deductible
Social security
29. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Hacking
Opportunity Cost
Variable expenses
401 k
30. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Saving
Deductions
Coinsurance
Credit Bureau
31. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Deductible
Ethics
Coinsurance
Closing Costs
32. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Debit card
Fraud
Saving
Fraud Risk
33. 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.
Budget
Goal
Career
Opportunity Cost
34. Someone who knowingly deceives you for their own personal gain.
Net income
Credit Report
Fraud
Gifts in-kind
35. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Ethics
Savings Accounts
Goal setting
Credit Card
36. 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)
Gifts in-kind
Progressive tax
Mortgage
Morals
37. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Income
Debit card
Reconcile
Net income
38. A long-term loan to buy real estate including land and the structures on it.
Rate of Return
Social security
Mortgage
Probability
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
Tenant
Charitable Giving
Landlord
40. A legal organization providing services or activities without commercial or monetary gain.
Lease
Medicare
Simple Interest
Nonprofit organization
41. Someone who knowingly deceives you for their own personal gain.
Reconcile
Variable expenses
Opportunity Cost
Fraud
42. A set of principles or beliefs that govern an individual's actions.
Income
Ethics
Morals
Rule of 72
43. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Identity Theft
Reconcile
Fraud Risk
Individual Retirement Account (IRA)
44. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Fixed expenses
Premium
Morals
Dumpster Diving
45. 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.
Interest Rate
Credit Report
Rule of 72
Mortgage
46. 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.
Risk
Annuity
Mortgage
Tenant
47. Money earned from investments and employment.
Ethics
Income
Lease
Credit Report
48. The chance or likelihood that something will happen.
Rule of 72
Gross income
Fraud Risk
Probability
49. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Probability
Check
Medicare
Variable expenses
50. Wages or salary before deductions for taxes and other purposes.
Income
Credit Bureau
Gross income
Rate of Return