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Test your basic knowledge |
Financial Literacy Vocab
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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 person who pays rent; the legal name for a renter.
Individual Retirement Account (IRA)
Tax Deduction
Social security
Tenant
2. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Progressive tax
Mortgage company
Fixed expenses
Interest Rate
3. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Copayment
Consumer Credit Counseling
Goal setting
Rule of 72
4. A company that makes loans for the purchase of a house or other real estate.
Morals
Simple Interest
Probability
Mortgage company
5. A bank or credit union account that allows withdrawals by writing a check.
Hacking
Checking account
Rate of Return
Principal
6. A purposeful course of action or purpose in life that generally provides income
Credit Bureau
Nonprofit organization
Career
Check
7. A person who pays rent; the legal name for a renter.
Tenant
Mortgage
Annuity
Fraud Risk
8. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Probability
Goal
Principal
Bankruptcy
9. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Medicare
Tenant
Medicare
Benefits-received principle
10. 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.
Budget
Probability
Premium
Landlord
11. A long-term loan to buy real estate including land and the structures on it.
Rule of 72
Mortgage
Check
Gifts in-kind
12. The chance that an investment has been misrepresented.
Debit card
Checking account
Charitable Giving
Fraud Risk
13. A plastic card used to deduct a purchase amount directly from your checking account.
Debit card
Rule of 72
Dumpster Diving
Copayment
14. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Fraud Risk
Fraud
Principal
Mortgage
15. 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.
Ethics
Lease
Mortgage company
Check
16. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Fraud Risk
Fraud
Medicare
Opportunity Cost
17. Someone who knowingly deceives you for their own personal gain.
Fixed expenses
Mortgage
Credit union
Fraud
18. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Budget
Credit Card
Checking account
Credit union
19. Money earned from investments and employment.
Tax Deduction
Deductions
Ethics
Income
20. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Net income
Fraud Risk
Goal setting
Income
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.
Coinsurance
Gambling
Annuity
Rate of Return
22. A non-cash contribution to a charitable organization which can be given a cash value.
Gifts in-kind
Interest
Fixed expenses
Credit Bureau
23. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Gifts in-kind
Bankruptcy
Consumer Credit Counseling
Lease
24. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Identity Theft
Tax Deduction
Saving
Savings Accounts
25. Wages or salary before deductions for taxes and other purposes.
Identity Theft
Gross income
Premium
Debit card
26. A bank or credit union account that allows withdrawals by writing a check.
Checking account
Landlord
Copayment
Rate of Return
27. 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.
Credit Card
Charitable Giving
401 k
Budget
28. 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)
Creditor
Progressive tax
Coinsurance
Reconcile
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.
Nonprofit organization
Medicare
Bankruptcy
Copayment
30. An establishment that collects and distributes credit history info. of individuals & business.
Credit Card
Interest
Gross income
Credit Bureau
31. The percentage of the costs of medical services paid by the patient.
Bankruptcy
Simple Interest
Tenant
Coinsurance
32. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Benefits-received principle
Creditor
Consumer Credit Counseling
Credit
33. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Saving
Simple Interest
Medicare
Interest Rate
34. The fee paid for insurance protection.
Credit union
Premium
Probability
Deductible
35. The act of giving to charitable organizations or to those in need.
Charitable Giving
Consumer Credit Counseling
Income
Net income
36. Costs paid when buying a house or real estate.
Income
Tax Deduction
Income
Closing Costs
37. A purposeful course of action or purpose in life that generally provides income
Budget
Interest
Career
Creditor
38. Payment for the use of someone else's money
Interest
Copayment
401 k
Fixed expenses
39. A measure of the uncertainty of an investment's rate of return; possible losses.
Probability
Interest Rate
Simple Interest
Risk
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.
Credit
Opportunity Cost
Probability
Savings Accounts
41. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Gross income
Principal
Savings Accounts
Credit Report
42. Wages or salary before deductions for taxes and other purposes.
Probability
Gross income
Morals
Risk
43. A legal organization providing services or activities without commercial or monetary gain.
Creditor
Nonprofit organization
Probability
Net income
44. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Goal setting
Budget
Copayment
Credit Bureau
45. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Individual Retirement Account (IRA)
Lease
Expenses
Goal
46. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Income
Expenses
Premium
Interest Rate
47. 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.
Interest Rate
Tax Deduction
Credit Report
Probability
48. The value of the second-best alternative that a person gives up when making one choice instead of another.
Nonprofit organization
Rule of 72
Career
Opportunity Cost
49. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Bankruptcy
Rule of 72
Income
Saving
50. The chance that an investment has been misrepresented.
Charitable Giving
Variable expenses
Fraud Risk
Gross income
Can you answer 50 questions in 15 minutes?
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