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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. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Creditor
Individual Retirement Account (IRA)
Savings Accounts
Morals
2. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Checking account
Income
Reconcile
Gambling
3. Someone who knowingly deceives you for their own personal gain.
Fraud
Interest Rate
Gross income
Budget
4. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Risk
Check
Nonprofit organization
Dumpster Diving
5. The act of giving to charitable organizations or to those in need.
Savings Accounts
Dumpster Diving
Charitable Giving
Tenant
6. 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.
Goal setting
Checking account
Debit card
Budget
7. A company that makes loans for the purchase of a house or other real estate.
Mortgage
Mortgage company
Rule of 72
Goal setting
8. Taking risks with personal finances or personal assets
Tax Deduction
Gambling
Ethics
Hacking
9. 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 Bureau
Credit Report
Fraud Risk
Reconcile
10. The value of the second-best alternative that a person gives up when making one choice instead of another.
Opportunity Cost
Morals
Interest Rate
Income
11. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Goal setting
Income
Fraud
Risk
12. A person or company to whom money is owed.
Fraud
Tax Deduction
Creditor
Interest Rate
13. The value of the second-best alternative that a person gives up when making one choice instead of another.
Individual Retirement Account (IRA)
Income
Budget
Opportunity Cost
14. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Bankruptcy
Benefits-received principle
Bankruptcy
Principal
15. An establishment that collects and distributes credit history info. of individuals & business.
Credit Bureau
Nonprofit organization
Dumpster Diving
Career
16. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Coinsurance
Fraud Risk
Credit union
Interest
17. Wages or salary before deductions for taxes and other purposes.
Principal
Benefits-received principle
Gross income
Copayment
18. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Opportunity Cost
Consumer Credit Counseling
Hacking
Rule of 72
19. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Goal
Gambling
Mortgage
Checking account
20. A plastic card used to deduct a purchase amount directly from your checking account.
Debit card
Mortgage
Income
Mortgage company
21. A purposeful course of action or purpose in life that generally provides income
Goal
Creditor
Budget
Career
22. 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.
Opportunity Cost
Principal
Rule of 72
Budget
23. 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
Dumpster Diving
Rule of 72
24. 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.
Social security
Charitable Giving
Income
Goal setting
25. A person or company to whom money is owed.
Credit
Expenses
Creditor
Progressive tax
26. A long-term loan to buy real estate including land and the structures on it.
Mortgage
Probability
Consumer Credit Counseling
Bankruptcy
27. 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
Closing Costs
Interest Rate
Budget
28. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Copayment
Interest
Saving
Goal setting
29. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Gambling
Bankruptcy
Individual Retirement Account (IRA)
Mortgage
30. 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)
Nonprofit organization
Progressive tax
Ethics
Credit Card
31. 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.
Lease
Charitable Giving
Principal
Coinsurance
32. Wages or salary before deductions for taxes and other purposes.
Fraud
Fraud
Risk
Gross income
33. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Check
Simple Interest
Charitable Giving
Copayment
34. The original amount of money deposited or invested.
Check
Creditor
Mortgage company
Principal
35. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Expenses
Tax Deduction
Budget
Debit card
36. A measure of the uncertainty of an investment's rate of return; possible losses.
Risk
Medicare
Credit Card
Charitable Giving
37. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Closing Costs
Mortgage company
Fixed expenses
Rate of Return
38. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Savings Accounts
Closing Costs
Fixed expenses
Gambling
39. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Income
Coinsurance
Medicare
Career
40. 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.
Credit Score/Rating
Ethics
Credit union
Credit
41. A person who owns property and rents it to another.
Goal
Checking account
Landlord
Deductions
42. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Credit union
401 k
Budget
Net income
43. The original amount of money deposited or invested.
Net income
Morals
Principal
Annuity
44. 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
Credit Report
Coinsurance
Risk
45. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Individual Retirement Account (IRA)
Income
Goal
Income
46. Anything subtracted from your gross income.
Rule of 72
Lease
Deductions
Mortgage
47. Someone who knowingly deceives you for their own personal gain.
401 k
Interest
Fraud
Dumpster Diving
48. The percentage of the costs of medical services paid by the patient.
Coinsurance
Income
Credit Report
Check
49. A set of principles or beliefs that govern an individual's actions.
Ethics
Goal setting
Credit Report
Goal setting
50. 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.
Lease
Credit Card
Interest
Credit