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Test your basic knowledge |
Financial Literacy Vocab
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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. Someone who knowingly deceives you for their own personal gain.
Mortgage company
Fraud
Rule of 72
Gross income
2. A long-term loan to buy real estate including land and the structures on it.
Fraud Risk
Premium
Check
Mortgage
3. 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.
Mortgage
Opportunity Cost
Interest Rate
Budget
4. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Saving
Credit
Fixed expenses
Bankruptcy
5. The fee paid for insurance protection.
Premium
Lease
Goal
Credit union
6. A non-cash contribution to a charitable organization which can be given a cash value.
Tenant
Gifts in-kind
Goal
Credit Report
7. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Income
Interest Rate
Career
Copayment
8. 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.
Check
Credit
Probability
Mortgage
9. A measure of the uncertainty of an investment's rate of return; possible losses.
Risk
Hacking
Credit Report
Goal
10. 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)
Debit card
Progressive tax
Savings Accounts
Interest Rate
11. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Income
401 k
Goal
Goal
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.
Gross income
Rule of 72
401 k
Risk
13. A plastic card used to deduct a purchase amount directly from your checking account.
Tax Deduction
Hacking
Income
Debit card
14. The chance or likelihood that something will happen.
Bankruptcy
Fixed expenses
Credit Bureau
Probability
15. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Savings Accounts
Simple Interest
Gross income
Hacking
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.
Closing Costs
Gambling
Credit union
Rule of 72
17. A person or company to whom money is owed.
Mortgage
Creditor
Mortgage
Bankruptcy
18. A purposeful course of action or purpose in life that generally provides income
Individual Retirement Account (IRA)
Career
Savings Accounts
Tenant
19. A set of principles or beliefs that govern an individual's actions.
Principal
Reconcile
Interest Rate
Ethics
20. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Lease
Closing Costs
Rate of Return
Credit union
21. Payment for the use of someone else's money
Credit union
Mortgage
Interest
Checking account
22. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Bankruptcy
Net income
Copayment
Budget
23. 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.
Tenant
Individual Retirement Account (IRA)
Checking account
Rule of 72
24. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Fixed expenses
Savings Accounts
Consumer Credit Counseling
Lease
25. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Individual Retirement Account (IRA)
Credit Card
Goal
Goal setting
26. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Risk
Savings Accounts
Goal
Closing Costs
27. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Deductions
Individual Retirement Account (IRA)
Variable expenses
Fixed expenses
28. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Reconcile
Fixed expenses
Probability
Savings Accounts
29. A non-cash contribution to a charitable organization which can be given a cash value.
Fraud Risk
Creditor
Gifts in-kind
Principal
30. Wages or salary before deductions for taxes and other purposes.
Rule of 72
Probability
Gross income
Checking account
31. The original amount of money deposited or invested.
Mortgage company
Principal
Consumer Credit Counseling
Tax Deduction
32. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Principal
Risk
Credit Card
Copayment
33. 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 Report
Income
Income
Credit
34. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Check
Closing Costs
Fraud
Hacking
35. A company that makes loans for the purchase of a house or other real estate.
Dumpster Diving
Goal
Mortgage company
Individual Retirement Account (IRA)
36. A person who pays rent; the legal name for a renter.
Gifts in-kind
Mortgage
Tenant
Nonprofit organization
37. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Consumer Credit Counseling
Identity Theft
Gross income
Expenses
38. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Principal
Interest Rate
Tax Deduction
Checking account
39. A person who owns property and rents it to another.
Checking account
Lease
Credit
Landlord
40. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Income
Mortgage
Gross income
Check
41. A bank or credit union account that allows withdrawals by writing a check.
Gifts in-kind
Gross income
Checking account
Career
42. A measure of the uncertainty of an investment's rate of return; possible losses.
Gross income
Risk
Morals
Closing Costs
43. A company that makes loans for the purchase of a house or other real estate.
Mortgage
Hacking
Goal
Mortgage company
44. A purposeful course of action or purpose in life that generally provides income
Individual Retirement Account (IRA)
Career
Savings Accounts
Hacking
45. The percentage of the costs of medical services paid by the patient.
Reconcile
Rate of Return
Coinsurance
Morals
46. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Fixed expenses
Identity Theft
Dumpster Diving
Copayment
47. Payment for the use of someone else's money
Opportunity Cost
Interest
Mortgage
Interest Rate
48. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Mortgage
Nonprofit organization
Goal
Tenant
49. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Annuity
Rule of 72
Charitable Giving
Identity Theft
50. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Reconcile
Progressive tax
Creditor
Rule of 72
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