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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. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Copayment
Debit card
Budget
Reconcile
2. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Interest Rate
Savings Accounts
Credit Bureau
Gifts in-kind
3. An establishment that collects and distributes credit history info. of individuals & business.
Tenant
Credit Bureau
Identity Theft
Bankruptcy
4. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Hacking
Income
Simple Interest
Closing Costs
5. A person who pays rent; the legal name for a renter.
Tenant
Simple Interest
Principal
Goal setting
6. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Income
Ethics
Gifts in-kind
Mortgage company
7. Money earned from investments and employment.
Income
Saving
Annuity
Ethics
8. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Debit card
Social security
Saving
Benefits-received principle
9. The chance or likelihood that something will happen.
Gross income
Copayment
Probability
Consumer Credit Counseling
10. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Net income
401 k
Probability
Tax Deduction
11. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Benefits-received principle
Saving
401 k
Mortgage company
12. A set of principles or beliefs that govern an individual's actions.
Morals
Social security
Fixed expenses
Ethics
13. Costs paid when buying a house or real estate.
Closing Costs
Credit Report
Reconcile
Benefits-received principle
14. Someone who knowingly deceives you for their own personal gain.
Fraud
Credit Bureau
Bankruptcy
Nonprofit organization
15. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Savings Accounts
Tenant
Identity Theft
Probability
16. The fee paid for insurance protection.
Premium
Principal
Lease
Opportunity Cost
17. 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
Tenant
Nonprofit organization
Career
18. A plastic card used to deduct a purchase amount directly from your checking account.
Debit card
Budget
Benefits-received principle
Fraud Risk
19. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Gambling
Principal
Mortgage company
Variable expenses
20. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Ethics
Lease
Probability
Consumer Credit Counseling
21. A plastic card used to deduct a purchase amount directly from your checking account.
Interest
Goal setting
Interest Rate
Debit card
22. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Tenant
Closing Costs
Fixed expenses
Ethics
23. A set of principles or beliefs that govern an individual's actions.
Ethics
Career
Variable expenses
Bankruptcy
24. 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.
Gambling
Copayment
Credit Score/Rating
Credit
25. The act of giving to charitable organizations or to those in need.
Charitable Giving
Credit Bureau
Income
Probability
26. A non-cash contribution to a charitable organization which can be given a cash value.
Income
Risk
Gifts in-kind
Income
27. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Rule of 72
Net income
Mortgage company
Goal setting
28. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Dumpster Diving
Hacking
Debit card
Premium
29. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Dumpster Diving
Credit
Check
Credit Score/Rating
30. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Simple Interest
Deductions
Morals
Coinsurance
31. Wages or salary before deductions for taxes and other purposes.
Gross income
Income
Bankruptcy
Fixed expenses
32. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Tax Deduction
Expenses
Savings Accounts
Rule of 72
33. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Nonprofit organization
Identity Theft
Annuity
Credit Card
34. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Opportunity Cost
Bankruptcy
Reconcile
Tenant
35. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Mortgage company
Net income
Fraud
Tenant
36. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Fixed expenses
Deductible
Tax Deduction
Mortgage company
37. A bank or credit union account that allows withdrawals by writing a check.
401 k
Checking account
Copayment
Individual Retirement Account (IRA)
38. A company that makes loans for the purchase of a house or other real estate.
Mortgage company
Gross income
Deductions
Check
39. A legal organization providing services or activities without commercial or monetary gain.
Mortgage
Social security
Nonprofit organization
Saving
40. The chance that an investment has been misrepresented.
Fraud Risk
Goal setting
Premium
Tenant
41. A person or company to whom money is owed.
Creditor
Progressive tax
Credit union
Ethics
42. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Credit Card
Mortgage
Consumer Credit Counseling
Tenant
43. Payment for the use of someone else's money
Opportunity Cost
Fraud Risk
Check
Interest
44. A measure of the uncertainty of an investment's rate of return; possible losses.
Income
Rule of 72
Medicare
Risk
45. Wages or salary before deductions for taxes and other purposes.
Credit
Gross income
Income
Checking account
46. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Ethics
Simple Interest
Net income
Income
47. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Gambling
Principal
Income
Mortgage
48. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Creditor
Expenses
401 k
Income
49. A purposeful course of action or purpose in life that generally provides income
Career
Opportunity Cost
Nonprofit organization
401 k
50. The value of the second-best alternative that a person gives up when making one choice instead of another.
Opportunity Cost
Mortgage
Hacking
Credit Card