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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. Payment for the use of someone else's money
Benefits-received principle
Interest
Tax Deduction
Credit Card
2. 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
Premium
Credit
Gambling
3. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Expenses
Rate of Return
Deductible
Goal setting
4. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Copayment
Mortgage
Gambling
Income
5. 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
Ethics
Landlord
Benefits-received principle
6. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Annuity
Check
401 k
Simple Interest
7. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Gambling
Deductible
Goal setting
Consumer Credit Counseling
8. A non-cash contribution to a charitable organization which can be given a cash value.
Medicare
Savings Accounts
Coinsurance
Gifts in-kind
9. A purposeful course of action or purpose in life that generally provides income
Career
Saving
Expenses
Mortgage company
10. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Credit Report
Fixed expenses
Copayment
Simple Interest
11. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Charitable Giving
Income
Credit Card
Saving
12. 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.
401 k
Credit union
Rule of 72
Variable expenses
13. A retirement plan that allows employees in private companies to make contributions of pre-tax dollars to a company pool that is then invested in stocks & bonds & or money markets.
Gambling
Simple Interest
Nonprofit organization
401 k
14. A person who owns property and rents it to another.
Checking account
Landlord
Hacking
Simple Interest
15. Wages or salary before deductions for taxes and other purposes.
Gifts in-kind
Gross income
Income
Career
16. How fast money in savings account or investment grows.
Identity Theft
Rate of Return
Expenses
Opportunity Cost
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)
Deductions
Credit Bureau
Medicare
Benefits-received principle
18. An establishment that collects and distributes credit history info. of individuals & business.
Mortgage
Credit Bureau
Expenses
Progressive tax
19. How fast money in savings account or investment grows.
Interest Rate
Rate of Return
Interest Rate
Charitable Giving
20. 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.
Checking account
Check
Mortgage
Credit Report
21. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Check
Lease
Ethics
Deductible
22. The fee paid for insurance protection.
Reconcile
Premium
Identity Theft
Landlord
23. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Principal
Simple Interest
Credit Bureau
Dumpster Diving
24. A long-term loan to buy real estate including land and the structures on it.
Mortgage company
Saving
Opportunity Cost
Mortgage
25. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Creditor
Tax Deduction
Hacking
Goal setting
26. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Reconcile
Tenant
Credit
Creditor
27. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Identity Theft
Rate of Return
Goal
Premium
28. 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.
Morals
Social security
Lease
Gambling
29. 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
401 k
Hacking
Gambling
30. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Identity Theft
Fixed expenses
Bankruptcy
Net income
31. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Hacking
Bankruptcy
Interest Rate
Social security
32. An establishment that collects and distributes credit history info. of individuals & business.
Debit card
Credit Bureau
Opportunity Cost
Coinsurance
33. 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.
Savings Accounts
Probability
Credit
Deductions
34. A set of principles or beliefs that govern an individual's actions.
Ethics
Credit Score/Rating
Credit Card
Credit
35. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Expenses
Social security
Consumer Credit Counseling
Saving
36. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Deductible
Risk
Morals
Principal
37. A purposeful course of action or purpose in life that generally provides income
Career
Savings Accounts
Credit Card
Credit Score/Rating
38. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Expenses
Dumpster Diving
Credit Score/Rating
Saving
39. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Deductions
Credit
Hacking
Net income
40. 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.
Annuity
Credit
Individual Retirement Account (IRA)
Ethics
41. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Medicare
Premium
Credit union
Variable expenses
42. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Deductible
Fixed expenses
Goal setting
Deductible
43. A person or company to whom money is owed.
Credit
Credit union
Rate of Return
Creditor
44. A retirement plan that allows employees in private companies to make contributions of pre-tax dollars to a company pool that is then invested in stocks & bonds & or money markets.
Identity Theft
Fraud Risk
Tax Deduction
401 k
45. 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.
Consumer Credit Counseling
Budget
Variable expenses
Probability
46. 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
Mortgage
Goal setting
Savings Accounts
47. 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
Probability
Fraud
Checking account
48. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Principal
Reconcile
Interest Rate
Income
49. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Risk
Identity Theft
Budget
Individual Retirement Account (IRA)
50. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Variable expenses
401 k
Savings Accounts
Rule of 72