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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 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
Income
Probability
Charitable Giving
2. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Identity Theft
Copayment
Coinsurance
Fixed expenses
3. 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.
Annuity
Opportunity Cost
Tenant
Career
4. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
401 k
Credit Report
Risk
Goal
5. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Medicare
Interest Rate
Reconcile
Income
6. Anything subtracted from your gross income.
Deductions
Income
Identity Theft
Credit Card
7. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Credit union
Goal
Budget
Credit Report
8. Taking risks with personal finances or personal assets
Risk
Gambling
Fixed expenses
Savings Accounts
9. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Savings Accounts
Nonprofit organization
Interest
Tax Deduction
10. A set of principles or beliefs that govern an individual's actions.
Ethics
Credit Bureau
Fixed expenses
Saving
11. 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)
Medicare
Fraud
Goal setting
Progressive tax
12. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Gross income
Gifts in-kind
Check
Social security
13. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Progressive tax
Mortgage company
Fixed expenses
Simple Interest
14. A legal organization providing services or activities without commercial or monetary gain.
Nonprofit organization
Income
Fraud
Charitable Giving
15. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Coinsurance
Income
Consumer Credit Counseling
Budget
16. A purposeful course of action or purpose in life that generally provides income
Career
Hacking
Credit Report
Medicare
17. A non-cash contribution to a charitable organization which can be given a cash value.
Reconcile
Landlord
Gifts in-kind
Coinsurance
18. Someone who knowingly deceives you for their own personal gain.
Fraud
Mortgage
Individual Retirement Account (IRA)
Rate of Return
19. 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.
Copayment
Lease
Annuity
401 k
20. A person or company to whom money is owed.
Creditor
Tenant
Expenses
Consumer Credit Counseling
21. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Tax Deduction
Coinsurance
Gambling
Mortgage
22. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Fraud Risk
Expenses
Credit
Deductible
23. 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.
Consumer Credit Counseling
Checking account
401 k
Career
24. 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.
Mortgage
Closing Costs
Credit Report
Benefits-received principle
25. The value of the second-best alternative that a person gives up when making one choice instead of another.
Gifts in-kind
Tenant
Rate of Return
Opportunity Cost
26. 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.
Credit Score/Rating
Goal
Rule of 72
Coinsurance
27. The chance that an investment has been misrepresented.
Variable expenses
Fraud Risk
Deductions
Fraud
28. 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.
Goal
Lease
Principal
Copayment
29. A long-term loan to buy real estate including land and the structures on it.
Mortgage
Interest
Benefits-received principle
Coinsurance
30. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Tax Deduction
Reconcile
Savings Accounts
Credit Card
31. A person who owns property and rents it to another.
Deductible
Interest Rate
Dumpster Diving
Landlord
32. A non-cash contribution to a charitable organization which can be given a cash value.
Gifts in-kind
Premium
Lease
Mortgage
33. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Probability
Opportunity Cost
Gambling
Identity Theft
34. Money earned from investments and employment.
Mortgage company
Tenant
Income
Ethics
35. A person or company to whom money is owed.
Creditor
Credit
Income
Debit card
36. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Tenant
Tax Deduction
Gross income
Expenses
37. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Career
Gross income
Variable expenses
Credit union
38. 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.
Credit union
Rule of 72
Savings Accounts
401 k
39. 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.
Opportunity Cost
Bankruptcy
Landlord
Annuity
40. A company that makes loans for the purchase of a house or other real estate.
Gross income
Mortgage company
Copayment
Rate of Return
41. 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.
Morals
Budget
Opportunity Cost
Closing Costs
42. 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.
Identity Theft
Copayment
Credit Score/Rating
Tax Deduction
43. 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
Credit
Rate of Return
Deductible
44. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Progressive tax
Creditor
Hacking
Rule of 72
45. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Interest
Dumpster Diving
Interest Rate
Dumpster Diving
46. The act of giving to charitable organizations or to those in need.
Coinsurance
Debit card
Charitable Giving
Saving
47. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Reconcile
Identity Theft
Hacking
Landlord
48. Anything subtracted from your gross income.
Fixed expenses
Deductible
Deductions
Premium
49. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
401 k
Saving
Debit card
Credit union
50. The percentage of the costs of medical services paid by the patient.
Closing Costs
Rate of Return
Annuity
Coinsurance