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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 set of principles or beliefs that govern an individual's actions.
Ethics
Opportunity Cost
Annuity
Interest
2. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Tax Deduction
Consumer Credit Counseling
Morals
Income
3. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Closing Costs
Closing Costs
Income
Tax Deduction
4. Someone who knowingly deceives you for their own personal gain.
Fraud
Opportunity Cost
Principal
Debit card
5. Anything subtracted from your gross income.
Simple Interest
Goal
Deductions
Ethics
6. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Fraud Risk
Credit union
Gifts in-kind
Mortgage company
7. Money earned from investments and employment.
Income
Benefits-received principle
Nonprofit organization
Credit Bureau
8. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Lease
Ethics
Credit
Bankruptcy
9. 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.
Checking account
Dumpster Diving
Credit Report
Credit
10. A person who owns property and rents it to another.
Premium
Medicare
Landlord
Mortgage
11. 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
Goal setting
Credit Score/Rating
Tax Deduction
12. Payment for the use of someone else's money
Rule of 72
Annuity
Mortgage
Interest
13. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Credit Bureau
Gambling
Variable expenses
Charitable Giving
14. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Ethics
Progressive tax
Deductions
Reconcile
15. The fee paid for insurance protection.
Credit union
Career
Tenant
Premium
16. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Morals
Probability
Expenses
Fraud
17. 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
Premium
Credit
Gambling
18. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Credit Bureau
Nonprofit organization
Benefits-received principle
Fixed expenses
19. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Premium
Benefits-received principle
Ethics
Credit Card
20. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Mortgage
Individual Retirement Account (IRA)
Check
Ethics
21. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Consumer Credit Counseling
Credit Report
Goal
Coinsurance
22. The act of giving to charitable organizations or to those in need.
Credit Bureau
Charitable Giving
Probability
Credit union
23. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Credit
Principal
Savings Accounts
Deductions
24. 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.
Credit Card
Rate of Return
Annuity
Goal setting
25. A non-cash contribution to a charitable organization which can be given a cash value.
Gifts in-kind
Income
Interest
Ethics
26. A plastic card used to deduct a purchase amount directly from your checking account.
Gross income
Credit Bureau
Tax Deduction
Debit card
27. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Copayment
Check
Individual Retirement Account (IRA)
Savings Accounts
28. An establishment that collects and distributes credit history info. of individuals & business.
Benefits-received principle
Credit Bureau
Check
Social security
29. How fast money in savings account or investment grows.
Gifts in-kind
Rate of Return
Fixed expenses
Gross income
30. A long-term loan to buy real estate including land and the structures on it.
Opportunity Cost
Mortgage
Check
Hacking
31. A person or company to whom money is owed.
Creditor
Reconcile
Coinsurance
Rate of Return
32. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Opportunity Cost
Nonprofit organization
Credit union
Hacking
33. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Net income
Gifts in-kind
Budget
Credit Report
34. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Net income
Ethics
Credit Card
Hacking
35. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Coinsurance
Bankruptcy
Goal setting
Probability
36. A person who pays rent; the legal name for a renter.
Tenant
Interest
Creditor
Hacking
37. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Mortgage
Saving
Fraud Risk
Consumer Credit Counseling
38. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Dumpster Diving
401 k
Fraud
Annuity
39. A plastic card used to deduct a purchase amount directly from your checking account.
Debit card
Creditor
Opportunity Cost
Ethics
40. A long-term loan to buy real estate including land and the structures on it.
Mortgage
Interest Rate
Bankruptcy
Deductible
41. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Gifts in-kind
Interest Rate
Income
Goal
42. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Creditor
Annuity
Mortgage
Morals
43. A measure of the uncertainty of an investment's rate of return; possible losses.
Reconcile
Progressive tax
Net income
Risk
44. Taking risks with personal finances or personal assets
Gambling
Check
Deductible
Mortgage
45. Someone who knowingly deceives you for their own personal gain.
Deductions
Opportunity Cost
Gross income
Fraud
46. 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
Premium
Debit card
Reconcile
47. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Nonprofit organization
Credit
Mortgage
Budget
48. 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.
401 k
Nonprofit organization
Rule of 72
Morals
49. How fast money in savings account or investment grows.
Tax Deduction
Morals
Ethics
Rate of Return
50. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Gross income
Consumer Credit Counseling
Reconcile
Risk