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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. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Goal
Mortgage company
Hacking
Creditor
2. A long-term loan to buy real estate including land and the structures on it.
Bankruptcy
Mortgage
Checking account
Coinsurance
3. The value of the second-best alternative that a person gives up when making one choice instead of another.
Consumer Credit Counseling
Coinsurance
Simple Interest
Opportunity Cost
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.
Ethics
Copayment
Credit
Expenses
5. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Income
Risk
Goal
Goal setting
6. Anything subtracted from your gross income.
Annuity
Dumpster Diving
Probability
Deductions
7. The act of giving to charitable organizations or to those in need.
Charitable Giving
Career
Identity Theft
Premium
8. A purposeful course of action or purpose in life that generally provides income
Hacking
Tax Deduction
Career
Rate of Return
9. A measure of the uncertainty of an investment's rate of return; possible losses.
Tax Deduction
Risk
Landlord
Annuity
10. A plastic card used to deduct a purchase amount directly from your checking account.
Deductible
Lease
Debit card
Fraud
11. A person or company to whom money is owed.
Gross income
Creditor
Deductions
Debit card
12. A long-term loan to buy real estate including land and the structures on it.
Mortgage
Risk
Credit Score/Rating
401 k
13. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Deductions
Mortgage
Credit Card
Checking account
14. Wages or salary before deductions for taxes and other purposes.
Gross income
Interest Rate
Rule of 72
Mortgage
15. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Net income
Lease
Progressive tax
Saving
16. Anything subtracted from your gross income.
Copayment
Interest
Deductions
Ethics
17. 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
Identity Theft
Tenant
Deductible
18. 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.
Premium
Check
Nonprofit organization
Credit Score/Rating
19. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Identity Theft
Savings Accounts
Tenant
Bankruptcy
20. How fast money in savings account or investment grows.
Charitable Giving
Rate of Return
Income
Fraud
21. A legal organization providing services or activities without commercial or monetary gain.
Nonprofit organization
Identity Theft
Principal
Check
22. 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.
Benefits-received principle
Social security
Credit Report
Budget
23. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Goal setting
Fraud
Bankruptcy
Medicare
24. 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)
Dumpster Diving
Reconcile
Progressive tax
Coinsurance
25. The original amount of money deposited or invested.
Opportunity Cost
Principal
Fraud
Net income
26. How fast money in savings account or investment grows.
Fraud Risk
Risk
Mortgage
Rate of Return
27. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Simple Interest
Variable expenses
Progressive tax
Income
28. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Fixed expenses
Saving
Savings Accounts
Credit Card
29. A legal organization providing services or activities without commercial or monetary gain.
Bankruptcy
Saving
Income
Nonprofit organization
30. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Interest Rate
Benefits-received principle
Goal
Lease
31. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Net income
Credit Card
Fixed expenses
Closing Costs
32. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Social security
Goal
Medicare
Dumpster Diving
33. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Reconcile
Savings Accounts
Deductible
Ethics
34. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Probability
Mortgage
Gambling
Principal
35. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Variable expenses
Reconcile
Coinsurance
401 k
36. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Income
Consumer Credit Counseling
Rate of Return
Fraud
37. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Income
Mortgage
Goal
Budget
38. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Landlord
Probability
Nonprofit organization
Morals
39. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
401 k
Savings Accounts
Gifts in-kind
Budget
40. A plastic card used to deduct a purchase amount directly from your checking account.
Lease
Mortgage company
Budget
Debit card
41. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Risk
Identity Theft
Income
Credit union
42. 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
Budget
Credit Card
Deductions
43. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Credit
Medicare
Savings Accounts
Mortgage
44. An establishment that collects and distributes credit history info. of individuals & business.
Credit Bureau
Expenses
Social security
Hacking
45. The fee paid for insurance protection.
Goal setting
Premium
Consumer Credit Counseling
Variable expenses
46. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Gross income
Check
Copayment
Credit Card
47. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Risk
Progressive tax
Goal setting
Debit card
48. 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.
Credit union
Deductible
Credit
Principal
49. The original amount of money deposited or invested.
Lease
Gambling
Principal
Tax Deduction
50. A person who pays rent; the legal name for a renter.
Ethics
Tenant
Progressive tax
Bankruptcy