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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 process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Debit card
Mortgage
Deductible
Goal setting
2. The act of giving to charitable organizations or to those in need.
Charitable Giving
Premium
Rate of Return
Gambling
3. Anything subtracted from your gross income.
Mortgage
Goal setting
Deductions
Expenses
4. A legal organization providing services or activities without commercial or monetary gain.
Charitable Giving
Creditor
Nonprofit organization
Consumer Credit Counseling
5. Taking risks with personal finances or personal assets
Risk
Gambling
Hacking
Rate of Return
6. 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 union
Mortgage
Gambling
7. Wages or salary before deductions for taxes and other purposes.
Gross income
Credit Score/Rating
Goal setting
Goal setting
8. A person who pays rent; the legal name for a renter.
Progressive tax
Ethics
Tenant
Fraud Risk
9. 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
Budget
Consumer Credit Counseling
Fixed expenses
10. A plastic card used to deduct a purchase amount directly from your checking account.
Interest
Debit card
Annuity
Dumpster Diving
11. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Savings Accounts
Identity Theft
Social security
Charitable Giving
12. A company that makes loans for the purchase of a house or other real estate.
Tenant
Mortgage company
Landlord
Credit Score/Rating
13. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Annuity
Gross income
Mortgage
Principal
14. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Variable expenses
Fraud
Charitable Giving
Career
15. A company that makes loans for the purchase of a house or other real estate.
Annuity
Mortgage company
Bankruptcy
Career
16. The act of giving to charitable organizations or to those in need.
Tax Deduction
Check
Charitable Giving
Credit Bureau
17. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Credit Bureau
Benefits-received principle
Tax Deduction
Credit union
18. Payment for the use of someone else's money
Interest
Lease
Rule of 72
Budget
19. 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
Check
Copayment
Goal
20. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Copayment
Simple Interest
Tax Deduction
Income
21. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Variable expenses
Mortgage
Landlord
Morals
22. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Expenses
Check
Annuity
Mortgage company
23. A measure of the uncertainty of an investment's rate of return; possible losses.
Checking account
Deductions
Risk
Debit card
24. An establishment that collects and distributes credit history info. of individuals & business.
Bankruptcy
Credit Bureau
Fixed expenses
Variable expenses
25. A long-term loan to buy real estate including land and the structures on it.
Career
Landlord
Mortgage
Check
26. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Credit Report
Medicare
Premium
Goal setting
27. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Copayment
Premium
Risk
401 k
28. 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
Lease
Fixed expenses
Charitable Giving
29. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Mortgage
Medicare
Deductible
Lease
30. A person who pays rent; the legal name for a renter.
Goal
Debit card
Deductions
Tenant
31. Someone who knowingly deceives you for their own personal gain.
Probability
Individual Retirement Account (IRA)
Dumpster Diving
Fraud
32. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Social security
Landlord
Interest Rate
Savings Accounts
33. A plastic card used to deduct a purchase amount directly from your checking account.
Benefits-received principle
Rule of 72
Debit card
Consumer Credit Counseling
34. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Goal
Tenant
Simple Interest
Debit card
35. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Consumer Credit Counseling
Check
Interest
Gross income
36. Costs paid when buying a house or real estate.
Net income
Closing Costs
Rule of 72
Tenant
37. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Gross income
Expenses
Credit Score/Rating
Principal
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 Score/Rating
Dumpster Diving
Credit
Ethics
39. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Morals
Mortgage company
Career
Net income
40. An establishment that collects and distributes credit history info. of individuals & business.
Goal
Credit Bureau
Credit Score/Rating
Nonprofit organization
41. Payment for the use of someone else's money
Progressive tax
Net income
Identity Theft
Interest
42. 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.
Variable expenses
Income
Social security
Credit Report
43. 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.
Consumer Credit Counseling
Principal
Rule of 72
Bankruptcy
44. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Fixed expenses
Morals
Rate of Return
Coinsurance
45. A purposeful course of action or purpose in life that generally provides income
Annuity
Consumer Credit Counseling
Dumpster Diving
Career
46. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Credit Report
Morals
Progressive tax
Credit union
47. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Credit Score/Rating
Credit union
Benefits-received principle
Credit Score/Rating
48. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Income
Identity Theft
Benefits-received principle
Risk
49. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Fraud
Income
Credit Card
401 k
50. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
401 k
Morals
Mortgage
Fraud