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Test your basic knowledge |
Financial Literacy Vocab
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Subjects
:
literacy
,
personal-finance
Instructions:
Answer 50 questions in 15 minutes.
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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. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Social security
Consumer Credit Counseling
Net income
Goal setting
2. A purposeful course of action or purpose in life that generally provides income
Career
Expenses
Check
Budget
3. A measure of the uncertainty of an investment's rate of return; possible losses.
Goal setting
Net income
Landlord
Risk
4. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Benefits-received principle
Coinsurance
Goal
Tax Deduction
5. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Goal setting
Fraud
Ethics
Tenant
6. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Savings Accounts
Checking account
Landlord
Fraud
7. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Interest Rate
Copayment
Net income
Fraud
8. A legal organization providing services or activities without commercial or monetary gain.
Individual Retirement Account (IRA)
Tenant
Nonprofit organization
Annuity
9. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Net income
Gifts in-kind
Copayment
Checking account
10. Someone who knowingly deceives you for their own personal gain.
Fraud
Career
Tenant
Credit Report
11. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Goal setting
Coinsurance
Gifts in-kind
Simple Interest
12. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Savings Accounts
Bankruptcy
Risk
Morals
13. 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.
Annuity
Lease
Reconcile
Gifts in-kind
14. The chance or likelihood that something will happen.
Credit Score/Rating
Deductions
Probability
Opportunity Cost
15. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Check
Hacking
Credit Bureau
Hacking
16. 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.
Goal
Credit Score/Rating
Goal setting
Net income
17. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Gifts in-kind
Tax Deduction
Landlord
Consumer Credit Counseling
18. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Tenant
Social security
Medicare
Simple Interest
19. Money earned from investments and employment.
Nonprofit organization
Deductible
401 k
Income
20. A person who pays rent; the legal name for a renter.
Credit
Tenant
Mortgage company
Credit Score/Rating
21. A company that makes loans for the purchase of a house or other real estate.
Nonprofit organization
Tenant
Mortgage company
Mortgage
22. Someone who knowingly deceives you for their own personal gain.
Identity Theft
Interest Rate
Fraud
401 k
23. Taking risks with personal finances or personal assets
Copayment
Gambling
Income
Credit Card
24. The fee paid for insurance protection.
Premium
401 k
Charitable Giving
Mortgage company
25. How fast money in savings account or investment grows.
Rate of Return
Interest Rate
Credit union
Charitable Giving
26. 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.
Bankruptcy
Saving
Career
Social security
27. A person who owns property and rents it to another.
Credit union
Budget
Rule of 72
Landlord
28. 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.
Deductible
Hacking
Social security
Risk
29. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Deductible
Gifts in-kind
Rule of 72
Net income
30. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Gross income
Copayment
Risk
Fraud
31. 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 union
Landlord
Consumer Credit Counseling
Credit
32. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Reconcile
Landlord
Check
Credit Card
33. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Simple Interest
Expenses
Dumpster Diving
Morals
34. 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.
Gross income
Credit Score/Rating
Consumer Credit Counseling
Mortgage company
35. Costs paid when buying a house or real estate.
Charitable Giving
Mortgage
Premium
Closing Costs
36. A person who pays rent; the legal name for a renter.
Ethics
Tenant
Income
Gross income
37. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Tenant
Individual Retirement Account (IRA)
Nonprofit organization
Principal
38. A person or company to whom money is owed.
Budget
Mortgage
Deductible
Creditor
39. Wages or salary before deductions for taxes and other purposes.
Deductible
Mortgage company
Credit Score/Rating
Gross income
40. The act of giving to charitable organizations or to those in need.
Consumer Credit Counseling
Mortgage
Charitable Giving
Checking account
41. 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)
Credit Report
Progressive tax
Net income
Landlord
42. Money earned from investments and employment.
Bankruptcy
Credit
Income
Annuity
43. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Rate of Return
Probability
Bankruptcy
Interest
44. A bank or credit union account that allows withdrawals by writing a check.
Landlord
Deductions
Benefits-received principle
Checking account
45. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Premium
Rate of Return
Fixed expenses
401 k
46. A long-term loan to buy real estate including land and the structures on it.
Mortgage
Credit Bureau
Rule of 72
Gambling
47. The percentage of the costs of medical services paid by the patient.
Simple Interest
Lease
Medicare
Coinsurance
48. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Deductible
Credit Bureau
Mortgage company
Reconcile
49. A measure of the uncertainty of an investment's rate of return; possible losses.
Medicare
Fixed expenses
Deductions
Risk
50. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Goal
Rate of Return
Reconcile
Income
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