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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. The act of giving to charitable organizations or to those in need.
Benefits-received principle
Budget
Income
Charitable Giving
2. 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.
Medicare
Mortgage
Annuity
Rule of 72
3. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Opportunity Cost
Credit union
Gambling
Probability
4. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
401 k
Consumer Credit Counseling
Simple Interest
Credit union
5. 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.
Credit Report
Dumpster Diving
Principal
Medicare
6. The chance that an investment has been misrepresented.
Expenses
Ethics
Fraud Risk
Coinsurance
7. Money earned from investments and employment.
Check
Rule of 72
Budget
Income
8. A legal organization providing services or activities without commercial or monetary gain.
Probability
Check
Nonprofit organization
Tenant
9. The value of the second-best alternative that a person gives up when making one choice instead of another.
Credit union
Medicare
Goal setting
Opportunity Cost
10. How fast money in savings account or investment grows.
Copayment
Credit union
Consumer Credit Counseling
Rate of Return
11. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Credit Bureau
Credit Card
Landlord
Dumpster Diving
12. 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.
Premium
Closing Costs
Fraud Risk
Credit Score/Rating
13. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Net income
Credit union
Variable expenses
Risk
14. The fee paid for insurance protection.
Premium
Credit Score/Rating
Benefits-received principle
Annuity
15. An establishment that collects and distributes credit history info. of individuals & business.
Credit Score/Rating
Career
Credit Bureau
Individual Retirement Account (IRA)
16. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Hacking
Credit Card
Credit
Landlord
17. 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.
Income
Copayment
Checking account
Budget
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.
Credit Report
Rule of 72
Opportunity Cost
Copayment
19. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Mortgage
Rule of 72
Consumer Credit Counseling
Consumer Credit Counseling
20. The fee paid for insurance protection.
Gambling
Premium
Coinsurance
Bankruptcy
21. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Goal setting
Tenant
Mortgage
Credit
22. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Rate of Return
Interest Rate
Mortgage
Credit union
23. 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.
Medicare
Credit Score/Rating
Risk
Social security
24. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Benefits-received principle
Deductible
Fraud
Simple Interest
25. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Saving
Debit card
Check
Fraud
26. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Medicare
Bankruptcy
Rate of Return
Saving
27. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Lease
Dumpster Diving
Net income
Bankruptcy
28. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Identity Theft
Fraud
Consumer Credit Counseling
Reconcile
29. Someone who knowingly deceives you for their own personal gain.
Fraud
Net income
Credit union
Deductible
30. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Probability
Credit Card
Closing Costs
Dumpster Diving
31. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Income
Credit Card
Simple Interest
Benefits-received principle
32. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Premium
Expenses
Net income
Morals
33. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Income
Net income
Credit Score/Rating
Identity Theft
34. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Career
Copayment
Consumer Credit Counseling
Landlord
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.
Interest Rate
Gifts in-kind
Credit
Premium
36. How fast money in savings account or investment grows.
Credit Card
Credit Bureau
Rate of Return
Bankruptcy
37. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Credit union
Creditor
Credit Report
Annuity
38. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Mortgage
Bankruptcy
Income
Mortgage
39. A person or company to whom money is owed.
Checking account
Lease
Individual Retirement Account (IRA)
Creditor
40. A person who pays rent; the legal name for a renter.
Credit union
Tenant
Goal setting
Hacking
41. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Identity Theft
Rule of 72
Saving
Opportunity Cost
42. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Coinsurance
Hacking
Reconcile
Deductible
43. 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.
Credit Bureau
401 k
Fraud Risk
Reconcile
44. A person who pays rent; the legal name for a renter.
Credit Bureau
Social security
Tenant
Principal
45. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Credit Card
Income
Savings Accounts
Medicare
46. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Saving
Dumpster Diving
Income
Deductible
47. The value of the second-best alternative that a person gives up when making one choice instead of another.
Credit union
Opportunity Cost
Annuity
Benefits-received principle
48. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Budget
Simple Interest
Income
Charitable Giving
49. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Gifts in-kind
Lease
Opportunity Cost
Interest Rate
50. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Check
Morals
Saving
Credit Card