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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 agreement to provide goods & services & or money in exchange for future payments with interest by a specific date or according to a specific schedule.
Saving
Credit
Gross income
Budget
2. 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
Expenses
Opportunity Cost
Annuity
3. A person who pays rent; the legal name for a renter.
Gambling
Tenant
Debit card
Income
4. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Fixed expenses
Progressive tax
Goal
Rule of 72
5. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Risk
Credit Bureau
Medicare
Principal
6. The act of giving to charitable organizations or to those in need.
Charitable Giving
Social security
Medicare
Savings Accounts
7. A set of principles or beliefs that govern an individual's actions.
Premium
Fraud Risk
Credit union
Ethics
8. A non-cash contribution to a charitable organization which can be given a cash value.
Savings Accounts
Progressive tax
Landlord
Gifts in-kind
9. Taking risks with personal finances or personal assets
Gambling
Ethics
Social security
Net income
10. 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.
Individual Retirement Account (IRA)
Dumpster Diving
Annuity
Rule of 72
11. A set of principles or beliefs that govern an individual's actions.
Medicare
Ethics
Check
Creditor
12. The act of giving to charitable organizations or to those in need.
Nonprofit organization
Hacking
Charitable Giving
Credit Score/Rating
13. The fee paid for insurance protection.
Premium
Credit
Simple Interest
Landlord
14. 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.
Medicare
Interest Rate
Individual Retirement Account (IRA)
Budget
15. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Identity Theft
Closing Costs
Dumpster Diving
Tenant
16. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Rate of Return
Credit union
Goal
Lease
17. The chance that an investment has been misrepresented.
Debit card
Gross income
Fraud Risk
Interest
18. The chance or likelihood that something will happen.
Budget
Probability
Check
Rate of Return
19. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Tax Deduction
Tenant
Hacking
Budget
20. The chance or likelihood that something will happen.
Probability
Check
Charitable Giving
Premium
21. Someone who knowingly deceives you for their own personal gain.
Fraud
Nonprofit organization
Simple Interest
Budget
22. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Tenant
Mortgage
Variable expenses
Check
23. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Bankruptcy
Morals
Opportunity Cost
Consumer Credit Counseling
24. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Consumer Credit Counseling
Dumpster Diving
Gross income
Credit Bureau
25. The percentage of the costs of medical services paid by the patient.
Gross income
Fixed expenses
Interest Rate
Coinsurance
26. 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
Closing Costs
Landlord
Check
27. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Goal
Benefits-received principle
Goal setting
Simple Interest
28. 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.
Annuity
Reconcile
Credit Report
Lease
29. A person who owns property and rents it to another.
Net income
Landlord
Charitable Giving
Bankruptcy
30. Payment for the use of someone else's money
Benefits-received principle
Interest
Credit union
Gross income
31. The chance that an investment has been misrepresented.
Fraud Risk
Gifts in-kind
Gifts in-kind
Coinsurance
32. The original amount of money deposited or invested.
Mortgage
Principal
Charitable Giving
Copayment
33. The value of the second-best alternative that a person gives up when making one choice instead of another.
Check
Charitable Giving
Opportunity Cost
Credit Report
34. A person or company to whom money is owed.
Creditor
Credit Card
Deductible
Ethics
35. A purposeful course of action or purpose in life that generally provides income
Charitable Giving
Savings Accounts
Nonprofit organization
Career
36. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Identity Theft
401 k
Goal
Credit Card
37. 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
Debit card
Credit union
Mortgage
38. An establishment that collects and distributes credit history info. of individuals & business.
Goal
Premium
Credit Bureau
Rate of Return
39. 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.
Principal
Gross income
Goal
Credit Score/Rating
40. 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.
Credit Report
Charitable Giving
Debit card
Identity Theft
41. A company that makes loans for the purchase of a house or other real estate.
Mortgage company
Debit card
Gambling
Mortgage
42. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Fraud
Interest Rate
Credit Card
Mortgage
43. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Identity Theft
Rule of 72
Income
Progressive tax
44. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Progressive tax
Rule of 72
Credit union
Benefits-received principle
45. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Principal
Saving
Check
Landlord
46. A non-cash contribution to a charitable organization which can be given a cash value.
Rule of 72
Gambling
Gifts in-kind
Deductible
47. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Coinsurance
Fixed expenses
Simple Interest
Mortgage
48. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Tax Deduction
Savings Accounts
Premium
Credit Card
49. 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)
Benefits-received principle
Fixed expenses
Rate of Return
Progressive tax
50. 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.
Mortgage
Deductions
Lease
Nonprofit organization