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






2. 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.






3. Payment for the use of someone else's money






4. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.






5. 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.






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






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






8. A person who pays rent; the legal name for a renter.






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






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






11. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.






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






13. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.






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






15. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.






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






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






18. Anything subtracted from your gross income.






19. Costs paid when buying a house or real estate.






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






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






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






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






24. An establishment that collects and distributes credit history info. of individuals & business.






25. The original amount of money deposited or invested.






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






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






28. The fee paid for insurance protection.






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






30. 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.






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






32. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).






33. 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.






34. Taking risks with personal finances or personal assets






35. 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.






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






37. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.






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






39. Money earned from investments and employment.






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






41. 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.






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






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






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






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






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






47. Taking risks with personal finances or personal assets






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






49. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.






50. Anything subtracted from your gross income.