SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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. Costs paid when buying a house or real estate.
Principal
Goal
Closing Costs
Creditor
2. 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.
Rule of 72
Closing Costs
Income
Consumer Credit Counseling
3. A bank or credit union account that allows withdrawals by writing a check.
Morals
Savings Accounts
Checking account
Bankruptcy
4. A non-cash contribution to a charitable organization which can be given a cash value.
Gross income
Gifts in-kind
Social security
Coinsurance
5. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Variable expenses
Credit
Interest Rate
Morals
6. The fee paid for insurance protection.
Consumer Credit Counseling
Checking account
Premium
Credit union
7. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Charitable Giving
Medicare
Goal setting
Consumer Credit Counseling
8. A person who pays rent; the legal name for a renter.
Simple Interest
Tenant
Income
Opportunity Cost
9. Money earned from investments and employment.
Income
Hacking
Interest
Expenses
10. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
401 k
Charitable Giving
Copayment
Creditor
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.
Coinsurance
Goal
Interest Rate
Credit Report
12. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Progressive tax
Morals
Mortgage company
Simple Interest
13. A plastic card used to deduct a purchase amount directly from your checking account.
Deductible
Checking account
Probability
Debit card
14. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Income
Net income
Copayment
Charitable Giving
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.
Opportunity Cost
Tax Deduction
401 k
Fixed expenses
16. 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.
Credit Score/Rating
Savings Accounts
Check
Check
17. Payment for the use of someone else's money
Opportunity Cost
Gambling
Interest
Probability
18. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Risk
Dumpster Diving
Credit Score/Rating
Savings Accounts
19. 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)
Mortgage
Benefits-received principle
Progressive tax
Net income
20. Anything subtracted from your gross income.
Deductions
Closing Costs
Opportunity Cost
Budget
21. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Deductible
Medicare
Credit union
Interest
22. Costs paid when buying a house or real estate.
Rate of Return
Closing Costs
Social security
Rate of Return
23. A purposeful course of action or purpose in life that generally provides income
Career
Creditor
Annuity
Debit card
24. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Credit Report
Career
Gross income
Tax Deduction
25. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Identity Theft
Fraud Risk
Credit Card
Coinsurance
26. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Gifts in-kind
Fraud
Variable expenses
Credit Score/Rating
27. The original amount of money deposited or invested.
Career
Copayment
Principal
Copayment
28. Money earned from investments and employment.
Credit Card
Fraud
Goal setting
Income
29. The chance that an investment has been misrepresented.
Charitable Giving
Bankruptcy
Mortgage
Fraud Risk
30. Someone who knowingly deceives you for their own personal gain.
Fraud
Fixed expenses
Debit card
Income
31. A set of principles or beliefs that govern an individual's actions.
Nonprofit organization
Mortgage company
Credit Bureau
Ethics
32. A person or company to whom money is owed.
Tax Deduction
Career
Creditor
Credit Card
33. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Interest
Income
Hacking
Gambling
34. 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)
Fraud Risk
Consumer Credit Counseling
Progressive tax
Bankruptcy
35. The chance or likelihood that something will happen.
Risk
Credit Score/Rating
Probability
Expenses
36. A person who owns property and rents it to another.
Landlord
Lease
Probability
401 k
37. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Credit Score/Rating
Mortgage company
Saving
Goal
38. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Individual Retirement Account (IRA)
Savings Accounts
Rate of Return
Bankruptcy
39. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Gross income
Credit Bureau
Goal setting
Expenses
40. A plastic card used to deduct a purchase amount directly from your checking account.
Debit card
Landlord
Gambling
Coinsurance
41. 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
Saving
Rate of Return
Interest Rate
42. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Individual Retirement Account (IRA)
Credit Card
Credit Report
Closing Costs
43. The chance or likelihood that something will happen.
Credit union
Probability
Mortgage company
Mortgage
44. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Identity Theft
Individual Retirement Account (IRA)
Tax Deduction
Mortgage company
45. The act of giving to charitable organizations or to those in need.
Landlord
Charitable Giving
Ethics
401 k
46. The original amount of money deposited or invested.
Income
Dumpster Diving
Principal
Copayment
47. A purposeful course of action or purpose in life that generally provides income
Landlord
Career
401 k
Progressive tax
48. A long-term loan to buy real estate including land and the structures on it.
Tax Deduction
Mortgage
Individual Retirement Account (IRA)
Credit Score/Rating
49. A legal organization providing services or activities without commercial or monetary gain.
Goal setting
Identity Theft
Deductions
Nonprofit organization
50. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Rate of Return
Interest
Credit union
Identity Theft