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Financial Literacy Basics

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 formal contract to repay borrowed money with interest at fixed intervals






2. Investment choices that will be re-evaluated within a year or less






3. A general and progressive increase in prices






4. An electronic machine that bank customers and credit union members can use to withdraw cash and make other financial transactions.






5. A goal to be achieved within the next three months.






6. A form of bankruptcy that allows you to repay many of your debts over a period of time - usually no more than five years.






7. Another term for budget






8. The increase or decrease in the original purchase price of an investment over a period of time.






9. Contacts to buy and sell commodities or stocks for a specific price on a specific date






10. A general and progressive increase in prices






11. Regular and planned investments






12. A government sector that requires all public corporations to make annual reports available to their stockholders






13. An amount that credit card companies can charge for the use of a credit card.






14. Standard and Poor's and Moody's






15. A chosen pursuit - profession - or occupation






16. Maximum amount of credit a lender will extend to a customer.






17. Earning interest on interest.






18. The willingness to give up something you want now in return for something better in the future.






19. Conservative investing; used when you have 'excess' savings






20. Investment choices that will be held for long periods






21. Business Weekly & Forbes & Money






22. The maximum amount an insurance company will pay if you file a claim.






23. Bold and high-risk investments






24. Amount of money that is set aside for future purchases






25. Merrill Lynch & Fidelity Investments & American Express






26. A formal contract to repay borrowed money with interest at fixed intervals






27. Standard and Poor's and Moody's






28. Another term for budget






29. The amount of a loss you must pay out of your own pocket before the insurance company will step in and pay the rest.






30. Management of investment alternatives to maximize the growth of your portfolio






31. The date on which the borrowed money must be repaid






32. A goal to be achieved within the next three months.






33. Maximum amount of credit a lender will extend to a customer.






34. The credit union term for a checking account.






35. A fee charged to a borrower (especially for a mortgage loan) to cover the costs of initiating the loan.






36. Discount bonds; a bond purchased for less than the maturity value; example you buy a $50 bond for $25






37. Investors who take to take chances






38. Fee on credit card for making charges above your credit limit.






39. Pooling of money from many investors to buy a large & diverse selection of securities






40. Reducing investment risk by putting money in several different types of investments.






41. Coins & art & memorabilia or other items that are popular from time to time






42. The amount a corporation borrowed in a bond situation






43. A summary of a person's borrowing and repayment history.






44. An investment security that is actually a diversified portfolio of equities - bonds or other securities. Investors purchase shares and can sell them at any time.






45. The right & not the obligation & to buy or sell commodities or stocks for a specific price on a specific date






46. Debt obligations of corporations






47. A bank account against which the depositor can draw checks payable on demand.






48. A bank account against which the depositor can draw checks payable on demand.






49. On a credit card - the length of time you have before you start accumulating interest on an unpaid balance.






50. Property consisting of houses and land







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Can you answer 50 questions in 15 minutes?


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