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






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






3. 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.






4. 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.






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






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






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






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






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






10. Taking risks with personal finances or personal assets






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






12. 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.






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






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






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






16. 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.






17. A person or company to whom money is owed.






18. 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.






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






20. The original amount of money deposited or invested.






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.






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






23. The chance that an investment has been misrepresented.






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






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






26. 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.






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






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






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






30. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.






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






32. Money earned from investments and employment.






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






34. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.






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






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






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






38. Anything subtracted from your gross income.






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






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






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






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






43. The original amount of money deposited or invested.






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






45. 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)






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






47. A person or company to whom money is owed.






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






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






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







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