SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Savings Accounts
Bankruptcy
Interest Rate
Medicare
2. How fast money in savings account or investment grows.
Debit card
Rate of Return
Coinsurance
Annuity
3. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Reconcile
Credit Score/Rating
Checking account
Check
4. A set of principles or beliefs that govern an individual's actions.
Saving
Check
Ethics
Annuity
5. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Fraud Risk
Morals
Mortgage
Interest Rate
6. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
401 k
Lease
Copayment
Interest Rate
7. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Goal setting
Mortgage
Budget
Saving
8. A company that makes loans for the purchase of a house or other real estate.
Rule of 72
Mortgage company
Income
Income
9. The fee paid for insurance protection.
Premium
Debit card
Variable expenses
Income
10. Money earned from investments and employment.
Income
Morals
Mortgage
Deductible
11. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Morals
Fixed expenses
Closing Costs
Charitable Giving
12. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Medicare
Copayment
Mortgage
Bankruptcy
13. A set of principles or beliefs that govern an individual's actions.
Variable expenses
Progressive tax
Ethics
Benefits-received principle
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.
Progressive tax
Rule of 72
Tenant
Annuity
15. A person or company to whom money is owed.
Interest Rate
Fixed expenses
Mortgage company
Creditor
16. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Savings Accounts
Debit card
Charitable Giving
Interest
17. 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
Expenses
Bankruptcy
Saving
18. Wages or salary before deductions for taxes and other purposes.
Deductions
Gross income
Morals
Mortgage company
19. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Rule of 72
Simple Interest
Identity Theft
Expenses
20. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Individual Retirement Account (IRA)
Variable expenses
Debit card
Gross income
21. 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
Rule of 72
Probability
Ethics
22. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Mortgage
Rate of Return
Coinsurance
Copayment
23. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Consumer Credit Counseling
Budget
Probability
Gambling
24. 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
401 k
Net income
Budget
25. Taking risks with personal finances or personal assets
Expenses
Fraud
Premium
Gambling
26. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Annuity
Savings Accounts
Copayment
Creditor
27. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Simple Interest
Opportunity Cost
Saving
Annuity
28. The chance that an investment has been misrepresented.
Fraud Risk
Saving
Consumer Credit Counseling
401 k
29. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Goal setting
Credit union
Credit
Identity Theft
30. An establishment that collects and distributes credit history info. of individuals & business.
Lease
Coinsurance
Credit Bureau
Checking account
31. A purposeful course of action or purpose in life that generally provides income
Gambling
Credit Score/Rating
Career
Credit Card
32. 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)
Mortgage
Progressive tax
Deductible
Interest
33. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Gambling
Variable expenses
Morals
Expenses
34. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Income
Net income
Credit Card
Hacking
35. A non-cash contribution to a charitable organization which can be given a cash value.
Dumpster Diving
Gifts in-kind
Income
Annuity
36. 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
Career
Credit union
Check
37. 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 Card
Credit Report
Gifts in-kind
Credit
38. Someone who knowingly deceives you for their own personal gain.
Morals
Fraud Risk
Fraud
Goal
39. Costs paid when buying a house or real estate.
Tax Deduction
Closing Costs
Goal
Net income
40. 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.
Consumer Credit Counseling
Fixed expenses
Lease
Simple Interest
41. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Premium
Opportunity Cost
Credit Score/Rating
Reconcile
42. 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
Income
Deductible
Variable expenses
43. The chance or likelihood that something will happen.
Fixed expenses
Tenant
Probability
Individual Retirement Account (IRA)
44. The chance or likelihood that something will happen.
Tenant
Morals
Probability
Premium
45. A person who pays rent; the legal name for a renter.
Deductible
Creditor
Fraud
Tenant
46. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Opportunity Cost
Credit Bureau
Gifts in-kind
Interest Rate
47. Payment for the use of someone else's money
Tenant
Goal setting
Budget
Interest
48. An establishment that collects and distributes credit history info. of individuals & business.
Credit Bureau
Tax Deduction
Probability
Lease
49. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Credit Card
Nonprofit organization
Individual Retirement Account (IRA)
Saving
50. 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
Nonprofit organization
Credit Report
Interest Rate