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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
Dumpster Diving
Creditor
Tenant
2. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Morals
Deductible
Annuity
Consumer Credit Counseling
3. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Risk
Individual Retirement Account (IRA)
Career
Credit
4. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Mortgage
Gambling
Variable expenses
Creditor
5. A person who pays rent; the legal name for a renter.
Checking account
Credit union
Rule of 72
Tenant
6. Someone who knowingly deceives you for their own personal gain.
Rule of 72
Income
Fraud
Savings Accounts
7. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Gross income
Copayment
Consumer Credit Counseling
Principal
8. A long-term loan to buy real estate including land and the structures on it.
Fixed expenses
Mortgage
Budget
Premium
9. 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.
Principal
Consumer Credit Counseling
Credit Score/Rating
Gross income
10. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Fraud Risk
401 k
Credit Card
Mortgage
11. The value of the second-best alternative that a person gives up when making one choice instead of another.
Opportunity Cost
Savings Accounts
Saving
Career
12. The original amount of money deposited or invested.
Mortgage company
Gambling
Principal
Annuity
13. Taking risks with personal finances or personal assets
Net income
Gambling
Credit Card
Principal
14. A non-cash contribution to a charitable organization which can be given a cash value.
Nonprofit organization
Rule of 72
Mortgage
Gifts in-kind
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.
Credit union
Tax Deduction
Lease
Tenant
16. The percentage of the costs of medical services paid by the patient.
Coinsurance
Fraud Risk
Identity Theft
Charitable Giving
17. Anything subtracted from your gross income.
Net income
Dumpster Diving
Credit Bureau
Deductions
18. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Gambling
Net income
Gross income
Dumpster Diving
19. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Interest Rate
Mortgage
Income
Credit union
20. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Tax Deduction
Simple Interest
Expenses
Credit Card
21. 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.
Dumpster Diving
Mortgage company
Credit Score/Rating
Career
22. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Mortgage company
Credit Score/Rating
Consumer Credit Counseling
Career
23. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Charitable Giving
Credit Bureau
Simple Interest
Fraud
24. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Opportunity Cost
Fraud Risk
Tenant
Individual Retirement Account (IRA)
25. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Bankruptcy
Deductible
Annuity
Income
26. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Credit union
Goal setting
Rate of Return
Tax Deduction
27. The fee paid for insurance protection.
Credit Report
Social security
Premium
Reconcile
28. Costs paid when buying a house or real estate.
Closing Costs
Gifts in-kind
Medicare
Mortgage
29. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Consumer Credit Counseling
Career
Credit Bureau
Benefits-received principle
30. 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.
Risk
Credit Report
Rate of Return
Principal
31. 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
Nonprofit organization
Deductible
Identity Theft
32. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Medicare
Mortgage
Fraud
Dumpster Diving
33. 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
Copayment
Credit union
Fraud Risk
34. 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.
Probability
Rate of Return
Credit
Debit card
35. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Checking account
Tax Deduction
Dumpster Diving
Goal setting
36. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Hacking
Progressive tax
Morals
Nonprofit organization
37. A set of principles or beliefs that govern an individual's actions.
Variable expenses
Net income
Debit card
Ethics
38. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Ethics
Identity Theft
Social security
Mortgage
39. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Net income
Creditor
Fixed expenses
Charitable Giving
40. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Tax Deduction
Progressive tax
Expenses
Check
41. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Debit card
Credit Bureau
Consumer Credit Counseling
Benefits-received principle
42. 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.
Debit card
401 k
Income
Lease
43. 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 setting
Medicare
Progressive tax
Dumpster Diving
44. The act of giving to charitable organizations or to those in need.
Reconcile
Tax Deduction
Goal
Charitable Giving
45. A company that makes loans for the purchase of a house or other real estate.
Mortgage company
Expenses
Lease
Landlord
46. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Dumpster Diving
Ethics
Credit
Tax Deduction
47. A measure of the uncertainty of an investment's rate of return; possible losses.
Rate of Return
Medicare
Coinsurance
Risk
48. Money earned from investments and employment.
Creditor
Annuity
Savings Accounts
Income
49. 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.
Interest Rate
Risk
Income
Annuity
50. Anything subtracted from your gross income.
Social security
Credit Card
Deductions
Income