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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 long-term loan to buy real estate including land and the structures on it.
Variable expenses
Principal
Mortgage
Deductions
2. A person or company to whom money is owed.
Deductible
Progressive tax
Rate of Return
Creditor
3. The chance or likelihood that something will happen.
Closing Costs
Opportunity Cost
Credit union
Probability
4. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Credit Report
Individual Retirement Account (IRA)
Charitable Giving
401 k
5. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Individual Retirement Account (IRA)
Credit union
Identity Theft
Morals
6. A plastic card used to deduct a purchase amount directly from your checking account.
Gambling
Income
Income
Debit card
7. A person who pays rent; the legal name for a renter.
Nonprofit organization
Debit card
Tenant
Income
8. The fee paid for insurance protection.
Premium
Tax Deduction
Benefits-received principle
Social security
9. An establishment that collects and distributes credit history info. of individuals & business.
Credit Bureau
Landlord
Tax Deduction
Medicare
10. The value of the second-best alternative that a person gives up when making one choice instead of another.
Checking account
Opportunity Cost
Expenses
Gross income
11. Taking risks with personal finances or personal assets
Interest Rate
Gambling
Check
Goal
12. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Deductible
Social security
Credit Card
Credit Score/Rating
13. A purposeful course of action or purpose in life that generally provides income
Credit
401 k
Career
Medicare
14. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Bankruptcy
Goal
Consumer Credit Counseling
Simple Interest
15. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Mortgage
Expenses
401 k
Net income
16. A purposeful course of action or purpose in life that generally provides income
Career
Income
Opportunity Cost
Morals
17. How fast money in savings account or investment grows.
Fraud Risk
Deductions
Rate of Return
Saving
18. 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.
Consumer Credit Counseling
Lease
Fraud Risk
Premium
19. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Consumer Credit Counseling
Copayment
Annuity
Tenant
20. A person who owns property and rents it to another.
Landlord
Income
Consumer Credit Counseling
Expenses
21. 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.
Creditor
Variable expenses
Coinsurance
Credit Report
22. A legal organization providing services or activities without commercial or monetary gain.
Benefits-received principle
Career
Individual Retirement Account (IRA)
Nonprofit organization
23. 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.
Fraud Risk
Ethics
Social security
Credit
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.
Goal
Deductions
Simple Interest
Social security
25. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Deductions
Hacking
Income
Gambling
26. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Variable expenses
Gambling
Dumpster Diving
Saving
27. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Individual Retirement Account (IRA)
Credit
Copayment
401 k
28. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Fraud Risk
Income
Premium
Identity Theft
29. Someone who knowingly deceives you for their own personal gain.
Hacking
Fraud
Reconcile
Expenses
30. A person who owns property and rents it to another.
Closing Costs
Credit union
Credit Bureau
Landlord
31. The percentage of the costs of medical services paid by the patient.
Coinsurance
Goal
Dumpster Diving
Medicare
32. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Medicare
Tax Deduction
Bankruptcy
Fraud
33. 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.
Hacking
Simple Interest
Checking account
Lease
34. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Checking account
Consumer Credit Counseling
Check
Reconcile
35. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Copayment
Credit Report
Tax Deduction
Identity Theft
36. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Gifts in-kind
Savings Accounts
Deductions
Copayment
37. Wages or salary before deductions for taxes and other purposes.
Bankruptcy
Deductible
Medicare
Gross income
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
Simple Interest
Career
Credit union
39. Anything subtracted from your gross income.
Deductions
Credit Report
Saving
Career
40. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Goal setting
Deductions
Fixed expenses
Coinsurance
41. Payment for the use of someone else's money
Mortgage company
Tax Deduction
Interest
Ethics
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.
Fraud Risk
Creditor
Coinsurance
Credit Score/Rating
43. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Annuity
Medicare
Expenses
Gifts in-kind
44. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Credit
Saving
Consumer Credit Counseling
Net income
45. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Reconcile
Deductions
Credit Report
Net income
46. A long-term loan to buy real estate including land and the structures on it.
Fixed expenses
Net income
Principal
Mortgage
47. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Morals
Budget
Landlord
Savings Accounts
48. 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.
Gifts in-kind
Landlord
Rule of 72
Benefits-received principle
49. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Credit Score/Rating
Credit Card
Mortgage
Goal setting
50. A non-cash contribution to a charitable organization which can be given a cash value.
Credit union
Landlord
Coinsurance
Gifts in-kind