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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. The fee paid for insurance protection.






2. A set of principles or beliefs that govern an individual's actions.






3. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.






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






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






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






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






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






9. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.






10. 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)






11. A person who owns property and rents it to another.






12. Anything subtracted from your gross income.






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






14. 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)






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






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






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






18. 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.






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






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






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






22. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.






23. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.






24. The chance that an investment has been misrepresented.






25. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends






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






27. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.






28. The chance or likelihood that something will happen.






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






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






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






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






33. 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.






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






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






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






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






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






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






40. An amount of money that the member or insured pays directly to a provider at the time services are rendered.






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






42. 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.






43. The original amount of money deposited or invested.






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






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






46. Taking risks with personal finances or personal assets






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






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






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






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