Test your basic knowledge |

Financial Literacy Vocab

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 person who owns property and rents it to another.






2. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).






3. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.






4. A set of principles or beliefs that govern an individual's actions.






5. An amount of money that the member or insured pays directly to a provider at the time services are rendered.






6. 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.






7. The percentage of the costs of medical services paid by the patient.






8. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.






9. 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.






10. Anything subtracted from your gross income.






11. The fee paid for insurance protection.






12. How fast money in savings account or investment grows.






13. A measure of the uncertainty of an investment's rate of return; possible losses.






14. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.






15. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.






16. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.






17. The fee paid for insurance protection.






18. Using a person's name or personal information without the person's permission to steal money or get other benefit.






19. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.






20. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.






21. An establishment that collects and distributes credit history info. of individuals & business.






22. 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.






23. A long-term loan to buy real estate including land and the structures on it.






24. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.






25. The original amount of money deposited or invested.






26. Wages or salary before deductions for taxes and other purposes.






27. 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.






28. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.






29. 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.






30. A bank or credit union account that allows withdrawals by writing a check.






31. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.






32. A non-cash contribution to a charitable organization which can be given a cash value.






33. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.






34. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.






35. 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.






36. Someone who knowingly deceives you for their own personal gain.






37. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)






38. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.






39. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.






40. The chance or likelihood that something will happen.






41. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.






42. A non-cash contribution to a charitable organization which can be given a cash value.






43. A person who pays rent; the legal name for a renter.






44. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.






45. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends






46. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.






47. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.






48. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).






49. The chance that an investment has been misrepresented.






50. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.