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. Payment for the use of someone else's money






2. A company that makes loans for the purchase of a house or other real estate.






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






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






5. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.






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






7. Someone who rummages through your trash looking for bills or other paper with your personal information on it.






8. 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.






9. The fee paid for insurance protection.






10. The value of the second-best alternative that a person gives up when making one choice instead of another.






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.






12. The value of the second-best alternative that a person gives up when making one choice instead of another.






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






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






15. 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.






16. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).






17. The chance that an investment has been misrepresented.






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






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






20. The original amount of money deposited or invested.






21. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.






22. Money earned from investments and employment.






23. 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.






24. 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.






25. 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.






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






27. A person who owns property and rents it to another.






28. Payment for the use of someone else's money






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






30. A purposeful course of action or purpose in life that generally provides income






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






32. A company that makes loans for the purchase of a house or other real estate.






33. A plastic card used to deduct a purchase amount directly from your checking account.






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






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






36. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)






37. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.






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






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






40. A legal organization providing services or activities without commercial or monetary gain.






41. Costs paid when buying a house or real estate.






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






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






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






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






46. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.






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






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






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






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