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






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






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






4. 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.






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






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






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






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






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






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






11. 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)






12. The chance that an investment has been misrepresented.






13. The fee paid for insurance protection.






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






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






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






18. 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.






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






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






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






22. 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.






23. The fee paid for insurance protection.






24. Money earned from investments and employment.






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






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






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






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






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






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






31. Taking risks with personal finances or personal assets






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






33. 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.






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






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






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






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






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






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






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






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






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






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






44. 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.






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






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






47. 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.






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






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






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