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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 state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Credit Score/Rating
Creditor
Nonprofit organization
Credit union
2. The percentage of the costs of medical services paid by the patient.
Dumpster Diving
Deductions
Career
Coinsurance
3. The chance that an investment has been misrepresented.
Income
Fraud Risk
Checking account
Credit union
4. The fee paid for insurance protection.
Fixed expenses
Rule of 72
Check
Premium
5. Money earned from investments and employment.
Budget
Income
Credit Bureau
Probability
6. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Credit
Nonprofit organization
Tax Deduction
Fixed expenses
7. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Credit Score/Rating
Variable expenses
Social security
Principal
8. Payment for the use of someone else's money
Income
Interest
Gifts in-kind
Net income
9. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Income
Tax Deduction
Savings Accounts
Probability
10. The percentage of the costs of medical services paid by the patient.
Reconcile
Coinsurance
Check
Debit card
11. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Fraud
Bankruptcy
Creditor
Credit Bureau
12. The chance that an investment has been misrepresented.
Risk
Medicare
Principal
Fraud Risk
13. A company that makes loans for the purchase of a house or other real estate.
Rule of 72
Gross income
Check
Mortgage company
14. How fast money in savings account or investment grows.
Expenses
Bankruptcy
Rate of Return
Reconcile
15. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Career
Hacking
Deductions
Interest
16. A bank or credit union account that allows withdrawals by writing a check.
Tax Deduction
Credit
Checking account
Rule of 72
17. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Checking account
Credit Card
Fixed expenses
Morals
18. The chance or likelihood that something will happen.
Individual Retirement Account (IRA)
Probability
Ethics
Savings Accounts
19. A set of principles or beliefs that govern an individual's actions.
Ethics
Income
Dumpster Diving
Consumer Credit Counseling
20. Anything subtracted from your gross income.
Opportunity Cost
Deductions
Simple Interest
Fraud Risk
21. 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
Income
Lease
Mortgage
22. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Copayment
Savings Accounts
Consumer Credit Counseling
Deductible
23. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Bankruptcy
Credit
Interest Rate
Budget
24. A person who pays rent; the legal name for a renter.
Tenant
Interest
Probability
Credit
25. A set of principles or beliefs that govern an individual's actions.
Ethics
Individual Retirement Account (IRA)
Rule of 72
Income
26. A person or company to whom money is owed.
Progressive tax
Creditor
Savings Accounts
Interest Rate
27. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Deductible
Medicare
Credit Score/Rating
Reconcile
28. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Principal
Goal setting
Hacking
Probability
29. The original amount of money deposited or invested.
Mortgage company
Risk
Principal
Mortgage
30. 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.
Gross income
Credit Report
Check
Ethics
31. Wages or salary before deductions for taxes and other purposes.
Gross income
Mortgage
Hacking
Mortgage
32. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Creditor
Saving
Dumpster Diving
Probability
33. Anything subtracted from your gross income.
Fixed expenses
Medicare
Ethics
Deductions
34. The fee paid for insurance protection.
Premium
Checking account
Goal setting
Saving
35. A legal organization providing services or activities without commercial or monetary gain.
Nonprofit organization
Fraud
Tax Deduction
Interest
36. Costs paid when buying a house or real estate.
Closing Costs
Tax Deduction
Creditor
Individual Retirement Account (IRA)
37. A measure of the uncertainty of an investment's rate of return; possible losses.
Deductions
Risk
Interest
Rule of 72
38. 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
Gross income
Credit Score/Rating
Bankruptcy
39. Payment for the use of someone else's money
Interest
Variable expenses
Ethics
Budget
40. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Consumer Credit Counseling
Identity Theft
Probability
Savings Accounts
41. Wages or salary before deductions for taxes and other purposes.
Bankruptcy
Gross income
Debit card
Rule of 72
42. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Deductible
Net income
Individual Retirement Account (IRA)
Risk
43. 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.
Annuity
Risk
Credit Score/Rating
Mortgage company
44. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Check
Ethics
Medicare
Credit Bureau
45. A person or company to whom money is owed.
Creditor
Nonprofit organization
Mortgage
Lease
46. The original amount of money deposited or invested.
Career
Mortgage
Hacking
Principal
47. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Fixed expenses
Creditor
Gambling
Copayment
48. How fast money in savings account or investment grows.
Rate of Return
Principal
Dumpster Diving
Closing Costs
49. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Mortgage
Deductible
Mortgage
Fraud
50. 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)
Progressive tax
Fraud
Fixed expenses
Net income