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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. Payment for the use of someone else's money






2. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).






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






4. A purposeful course of action or purpose in life that generally provides income






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






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






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






8. The chance that an investment has been misrepresented.






9. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.






10. Wages or salary before deductions for taxes and other purposes.






11. The act of giving to charitable organizations or to those in need.






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






13. 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.






14. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.






15. A plastic card used to deduct a purchase amount directly from your checking account.






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






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






18. 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.






19. 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.






20. Taking risks with personal finances or personal assets






21. 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.






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






23. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.






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






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






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






27. The original amount of money deposited or invested.






28. Anything subtracted from your gross income.






29. The chance that an investment has been misrepresented.






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






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






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






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






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






35. 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.






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






37. 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.






38. 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.






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






40. Wages or salary before deductions for taxes and other purposes.






41. How fast money in savings account or investment grows.






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






43. Someone who rummages through your trash looking for bills or other paper with your personal information on it.






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






45. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.






46. Money earned from investments and employment.






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






48. A legal organization providing services or activities without commercial or monetary gain.






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






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