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Financial Literacy Vocab

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 bank or credit union account that allows withdrawals by writing a check.






2. How fast money in savings account or investment grows.






3. A company that makes loans for the purchase of a house or other real estate.






4. The original amount of money deposited or invested.






5. The percentage of the costs of medical services paid by the patient.






6. Someone who knowingly deceives you for their own personal gain.






7. Anything subtracted from your gross income.






8. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.






9. 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.






10. 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.






11. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).






12. A person or company to whom money is owed.






13. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)






14. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.






15. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.






16. Using a person's name or personal information without the person's permission to steal money or get other benefit.






17. An amount of money that the member or insured pays directly to a provider at the time services are rendered.






18. 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.






19. 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)






20. A non-cash contribution to a charitable organization which can be given a cash value.






21. A plastic card used to deduct a purchase amount directly from your checking account.






22. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.






23. Wages or salary before deductions for taxes and other purposes.






24. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.






25. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.






26. A measure of the uncertainty of an investment's rate of return; possible losses.






27. A purposeful course of action or purpose in life that generally provides income






28. 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.






29. The chance or likelihood that something will happen.






30. Money earned from investments and employment.






31. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.






32. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)






33. A person who owns property and rents it to another.






34. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).






35. How fast money in savings account or investment grows.






36. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.






37. 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.






38. Someone who knowingly deceives you for their own personal gain.






39. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.






40. Taking risks with personal finances or personal assets






41. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.






42. Using a person's name or personal information without the person's permission to steal money or get other benefit.






43. 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.






44. An establishment that collects and distributes credit history info. of individuals & business.






45. 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.






46. Wages or salary before deductions for taxes and other purposes.






47. 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.






48. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.






49. Costs paid when buying a house or real estate.






50. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.