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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 of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Deductible
Credit Card
Reconcile
Probability
2. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Hacking
Credit union
Identity Theft
Savings Accounts
3. A non-cash contribution to a charitable organization which can be given a cash value.
Goal setting
Credit
Gifts in-kind
Credit Bureau
4. Taking risks with personal finances or personal assets
Gambling
Landlord
Credit union
Identity Theft
5. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Variable expenses
Debit card
Tax Deduction
Fraud Risk
6. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Coinsurance
Gambling
Check
Budget
7. Costs paid when buying a house or real estate.
Closing Costs
401 k
Social security
Rule of 72
8. A set of principles or beliefs that govern an individual's actions.
Debit card
Credit Report
Ethics
Creditor
9. Costs paid when buying a house or real estate.
Credit Card
Closing Costs
Goal setting
Credit union
10. A purposeful course of action or purpose in life that generally provides income
Credit Report
Deductions
Hacking
Career
11. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Debit card
Gifts in-kind
Mortgage
Tax Deduction
12. 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.
Landlord
Social security
Mortgage company
Dumpster Diving
13. The original amount of money deposited or invested.
Goal
Ethics
Landlord
Principal
14. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Ethics
Mortgage company
Nonprofit organization
Dumpster Diving
15. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Identity Theft
Risk
Credit union
Gross income
16. The chance that an investment has been misrepresented.
Rate of Return
Annuity
Bankruptcy
Fraud Risk
17. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Credit Card
Medicare
Creditor
Goal
18. Payment for the use of someone else's money
Interest
Mortgage company
Nonprofit organization
Career
19. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Expenses
Mortgage company
Nonprofit organization
Simple Interest
20. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Consumer Credit Counseling
Savings Accounts
Career
Charitable Giving
21. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Income
Probability
Simple Interest
Goal setting
22. The value of the second-best alternative that a person gives up when making one choice instead of another.
Dumpster Diving
Reconcile
Opportunity Cost
Credit
23. A measure of the uncertainty of an investment's rate of return; possible losses.
Risk
Deductions
Checking account
Fraud
24. 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.
Lease
Bankruptcy
Mortgage
Progressive tax
25. A plastic card used to deduct a purchase amount directly from your checking account.
Identity Theft
Rule of 72
Debit card
Fraud
26. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Net income
Bankruptcy
Dumpster Diving
Income
27. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Copayment
Landlord
Saving
Credit union
28. A set of principles or beliefs that govern an individual's actions.
Ethics
Dumpster Diving
Opportunity Cost
Career
29. A long-term loan to buy real estate including land and the structures on it.
Gross income
Mortgage
Expenses
Expenses
30. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Medicare
Mortgage company
Credit Card
Closing Costs
31. A person or company to whom money is owed.
Creditor
Gifts in-kind
Landlord
Probability
32. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Copayment
Identity Theft
Goal
401 k
33. How fast money in savings account or investment grows.
Rate of Return
Goal
Creditor
Charitable Giving
34. Taking risks with personal finances or personal assets
Fraud
Gambling
Debit card
Hacking
35. An establishment that collects and distributes credit history info. of individuals & business.
Credit Bureau
Fraud
Hacking
Gifts in-kind
36. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Progressive tax
Mortgage
Tax Deduction
Fraud
37. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Interest
Progressive tax
Income
Variable expenses
38. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Landlord
Morals
Expenses
Premium
39. A measure of the uncertainty of an investment's rate of return; possible losses.
Fixed expenses
Credit Report
Variable expenses
Risk
40. A legal organization providing services or activities without commercial or monetary gain.
Mortgage
Nonprofit organization
Expenses
Fraud Risk
41. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Credit Score/Rating
Creditor
Reconcile
Career
42. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Mortgage company
Mortgage company
Dumpster Diving
Deductible
43. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Interest Rate
Medicare
Income
Check
44. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Expenses
Interest Rate
Risk
Dumpster Diving
45. The fee paid for insurance protection.
Premium
Benefits-received principle
Mortgage
Risk
46. Someone who knowingly deceives you for their own personal gain.
Landlord
Tenant
Fraud
Social security
47. Anything subtracted from your gross income.
Mortgage
Deductions
Progressive tax
Benefits-received principle
48. A bank or credit union account that allows withdrawals by writing a check.
401 k
Medicare
Checking account
Fraud
49. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Credit union
Credit Bureau
Income
Bankruptcy
50. The chance or likelihood that something will happen.
Gross income
Probability
Ethics
Opportunity Cost