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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. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Dumpster Diving
Individual Retirement Account (IRA)
Credit Score/Rating
Copayment
2. A non-cash contribution to a charitable organization which can be given a cash value.
Mortgage
Saving
Gifts in-kind
Probability
3. A person or company to whom money is owed.
Creditor
Risk
Tenant
Coinsurance
4. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Mortgage
Income
Morals
Variable expenses
5. A measure of creditworthiness based on an analysis of the consumer's financial history & often computed as a numerical score & using the FICO or other scoring systems to analyze the consumer's credit.
Expenses
Credit Score/Rating
Credit union
Creditor
6. A person who owns property and rents it to another.
Interest
Landlord
Individual Retirement Account (IRA)
Risk
7. Taking risks with personal finances or personal assets
Checking account
Gambling
Landlord
Tax Deduction
8. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Mortgage
Expenses
Variable expenses
Income
9. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Mortgage
Dumpster Diving
Premium
Credit Report
10. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Credit Bureau
Net income
Deductions
Goal setting
11. 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
Tenant
Interest
12. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Interest Rate
Goal
Mortgage
Closing Costs
13. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Medicare
Career
Risk
Nonprofit organization
14. The value of the second-best alternative that a person gives up when making one choice instead of another.
Opportunity Cost
Interest Rate
Income
Medicare
15. The fee paid for insurance protection.
Premium
Saving
Credit union
Credit
16. 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.
Coinsurance
Budget
Consumer Credit Counseling
Coinsurance
17. A company that makes loans for the purchase of a house or other real estate.
Rate of Return
Net income
Check
Mortgage company
18. 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.
Savings Accounts
Lease
Deductible
Simple Interest
19. Wages or salary before deductions for taxes and other purposes.
Credit Bureau
Income
Net income
Gross income
20. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Medicare
Probability
Dumpster Diving
Deductions
21. A person who owns property and rents it to another.
Landlord
Charitable Giving
Gambling
Medicare
22. A purposeful course of action or purpose in life that generally provides income
Coinsurance
Career
Identity Theft
Check
23. 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.
Premium
Gross income
Budget
Income
24. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Hacking
Consumer Credit Counseling
Probability
Tenant
25. A long-term loan to buy real estate including land and the structures on it.
Landlord
Mortgage
Expenses
Gifts in-kind
26. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Simple Interest
Career
Copayment
Medicare
27. 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.
Gambling
Social security
Identity Theft
Credit Report
28. Anything subtracted from your gross income.
Principal
Deductions
Charitable Giving
Reconcile
29. The chance or likelihood that something will happen.
Fixed expenses
Gambling
Deductions
Probability
30. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Premium
Social security
Interest Rate
Debit card
31. 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)
Morals
Progressive tax
Mortgage
Mortgage company
32. How fast money in savings account or investment grows.
Medicare
Rate of Return
401 k
Probability
33. 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.
Expenses
Social security
Saving
Gifts in-kind
34. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Career
Reconcile
Principal
Gambling
35. How fast money in savings account or investment grows.
Rate of Return
Nonprofit organization
Nonprofit organization
Opportunity Cost
36. A plastic card used to deduct a purchase amount directly from your checking account.
Creditor
Credit Report
Saving
Debit card
37. A measure of the uncertainty of an investment's rate of return; possible losses.
Benefits-received principle
Risk
Dumpster Diving
Deductible
38. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Budget
Goal setting
Tenant
Charitable Giving
39. 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
Charitable Giving
Gross income
Debit card
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)
Lease
Social security
401 k
Benefits-received principle
41. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Annuity
Closing Costs
Creditor
Check
42. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Fixed expenses
Credit Card
Rule of 72
Goal setting
43. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Tax Deduction
Charitable Giving
Budget
Medicare
44. 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.
Creditor
Saving
Risk
401 k
45. Payment for the use of someone else's money
Interest
Creditor
Fixed expenses
Mortgage
46. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Interest
Credit union
Consumer Credit Counseling
Net income
47. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Simple Interest
Landlord
Debit card
Individual Retirement Account (IRA)
48. An establishment that collects and distributes credit history info. of individuals & business.
Deductible
Income
Landlord
Credit Bureau
49. 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
Mortgage company
Risk
Gross income
50. The act of giving to charitable organizations or to those in need.
Net income
Medicare
Goal
Charitable Giving