Test your basic knowledge |

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






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






3. A set of principles or beliefs that govern an individual's actions.






4. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.






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






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






7. The original amount of money deposited or invested.






8. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.






9. The act of giving to charitable organizations or to those in need.






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






11. 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.






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






13. 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.






14. 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.






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






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






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






18. 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.






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






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






21. 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.






22. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.






23. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.






24. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.






25. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.






26. 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.






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.






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






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






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






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






32. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.






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






34. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.






35. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.






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






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.






38. Money earned from investments and employment.






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






40. The value of the second-best alternative that a person gives up when making one choice instead of another.






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






42. 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.






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






44. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.






45. The chance that an investment has been misrepresented.






46. A person who pays rent; the legal name for a renter.






47. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).






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






49. Anything subtracted from your gross income.






50. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.







Sorry!:) No result found.

Can you answer 50 questions in 15 minutes?


Let me suggest you:



Major Subjects



Tests & Exams


AP
CLEP
DSST
GRE
SAT
GMAT

Most popular tests