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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. 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)
Tenant
Credit
Fixed expenses
Progressive tax
2. How fast money in savings account or investment grows.
Morals
Morals
Fixed expenses
Rate of Return
3. 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.
Credit Bureau
Lease
Interest Rate
Medicare
4. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Dumpster Diving
Copayment
Deductible
Mortgage company
5. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Budget
Credit union
Opportunity Cost
Simple Interest
6. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Goal
Nonprofit organization
Creditor
Fraud
7. A measure of the uncertainty of an investment's rate of return; possible losses.
Principal
Premium
Risk
Charitable Giving
8. A measure of the uncertainty of an investment's rate of return; possible losses.
Check
Hacking
Risk
Gifts in-kind
9. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Fixed expenses
Net income
Mortgage company
Benefits-received principle
10. The original amount of money deposited or invested.
Principal
Check
Identity Theft
Tax Deduction
11. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Bankruptcy
Landlord
Copayment
Opportunity Cost
12. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Simple Interest
Credit Card
Opportunity Cost
Interest Rate
13. The act of giving to charitable organizations or to those in need.
Credit Card
Goal
Mortgage
Charitable Giving
14. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Mortgage
Morals
Nonprofit organization
Simple Interest
15. A contract between an individual and an insurance company where the individual makes a payments that are invested by the company and repaid to the individual at a later date & generally during retirement.
Annuity
Savings Accounts
Deductible
Principal
16. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Expenses
Debit card
Medicare
Gifts in-kind
17. Payment for the use of someone else's money
Credit Bureau
Credit union
Principal
Interest
18. 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.
Mortgage
Credit Report
Expenses
Check
19. Taking risks with personal finances or personal assets
Income
Benefits-received principle
Income
Gambling
20. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Interest Rate
Credit union
Interest
Fixed expenses
21. A bank or credit union account that allows withdrawals by writing a check.
Checking account
Coinsurance
Budget
Income
22. The value of the second-best alternative that a person gives up when making one choice instead of another.
Deductible
Opportunity Cost
Saving
Individual Retirement Account (IRA)
23. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Credit
Charitable Giving
Savings Accounts
Checking account
24. 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
Credit
Interest Rate
Hacking
25. The percentage of the costs of medical services paid by the patient.
Career
Coinsurance
Saving
Mortgage
26. The original amount of money deposited or invested.
Principal
Risk
Annuity
Savings Accounts
27. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Morals
Mortgage
Goal
Budget
28. A purposeful course of action or purpose in life that generally provides income
Tenant
Gross income
Career
Risk
29. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Credit Bureau
Consumer Credit Counseling
Identity Theft
Tax Deduction
30. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Reconcile
Career
Creditor
Credit Card
31. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Bankruptcy
Consumer Credit Counseling
Savings Accounts
Benefits-received principle
32. Money earned from investments and employment.
Credit Score/Rating
Risk
Income
Tenant
33. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Medicare
Credit
Ethics
Lease
34. A bank or credit union account that allows withdrawals by writing a check.
Checking account
Probability
Gambling
Tax Deduction
35. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Social security
Variable expenses
Credit Score/Rating
Landlord
36. An establishment that collects and distributes credit history info. of individuals & business.
Identity Theft
Charitable Giving
Credit Bureau
Tenant
37. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Interest
Dumpster Diving
Benefits-received principle
Tenant
38. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Identity Theft
Principal
Budget
Interest Rate
39. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Fixed expenses
Credit
Landlord
Mortgage company
40. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Credit union
Ethics
Benefits-received principle
Fixed expenses
41. A plastic card used to deduct a purchase amount directly from your checking account.
Interest Rate
Savings Accounts
Debit card
Net income
42. 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.
Consumer Credit Counseling
Creditor
Reconcile
Credit Report
43. A person or company to whom money is owed.
Risk
Gifts in-kind
Creditor
Credit Report
44. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
401 k
Expenses
Fraud Risk
Income
45. 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)
Interest Rate
Lease
Opportunity Cost
Progressive tax
46. Payment for the use of someone else's money
Goal
Fraud
Interest
Fixed expenses
47. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Income
Morals
Fraud Risk
Copayment
48. A person who pays rent; the legal name for a renter.
Individual Retirement Account (IRA)
Tenant
Checking account
Principal
49. A federal system of old-age & survivors' & disability & and hospital care (Medicare) insurance which requires employers to withhold wages from employees' paychecks and deposit that money in designated accounts.
Check
Nonprofit organization
Social security
Rule of 72
50. A contract between an individual and an insurance company where the individual makes a payments that are invested by the company and repaid to the individual at a later date & generally during retirement.
Creditor
Annuity
Benefits-received principle
Progressive tax