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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. A non-cash contribution to a charitable organization which can be given a cash value.
Lease
Credit Card
Goal setting
Gifts in-kind
2. The original amount of money deposited or invested.
Ethics
Interest
Principal
Gambling
3. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Simple Interest
Identity Theft
Gifts in-kind
Identity Theft
4. 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.
Checking account
Dumpster Diving
Annuity
Lease
5. A person who owns property and rents it to another.
Deductible
Income
Interest Rate
Landlord
6. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Tenant
Premium
Credit union
Rate of Return
7. 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 union
Reconcile
Credit Bureau
Deductions
8. The act of giving to charitable organizations or to those in need.
Social security
Copayment
Rule of 72
Charitable Giving
9. Wages or salary before deductions for taxes and other purposes.
Gambling
Rule of 72
Gross income
Consumer Credit Counseling
10. 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
Income
Mortgage company
Rule of 72
11. The value of the second-best alternative that a person gives up when making one choice instead of another.
Closing Costs
Opportunity Cost
Mortgage
Benefits-received principle
12. The percentage of the costs of medical services paid by the patient.
Expenses
Coinsurance
Opportunity Cost
Deductible
13. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Morals
Premium
Copayment
Credit union
14. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Tenant
Credit union
Copayment
Check
15. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Saving
Credit Report
Opportunity Cost
Deductible
16. 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 Bureau
Credit
Gross income
Credit Report
17. A plastic card used to deduct a purchase amount directly from your checking account.
Reconcile
Debit card
Credit Report
Benefits-received principle
18. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Individual Retirement Account (IRA)
Creditor
Gross income
Annuity
19. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Credit union
Benefits-received principle
Interest Rate
Income
20. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Dumpster Diving
Credit Card
Consumer Credit Counseling
Income
21. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Premium
Credit
Reconcile
Credit Card
22. Costs paid when buying a house or real estate.
Annuity
Closing Costs
Landlord
Nonprofit organization
23. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Goal setting
Fraud
Medicare
Premium
24. A legal organization providing services or activities without commercial or monetary gain.
Individual Retirement Account (IRA)
Nonprofit organization
Mortgage
Morals
25. The original amount of money deposited or invested.
Principal
Mortgage
Deductible
Rule of 72
26. A set of principles or beliefs that govern an individual's actions.
Check
Ethics
Mortgage
Credit Bureau
27. 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.
Nonprofit organization
Fraud Risk
401 k
Fraud
28. A non-cash contribution to a charitable organization which can be given a cash value.
Gifts in-kind
Charitable Giving
Premium
Goal
29. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Tax Deduction
Savings Accounts
Credit union
Bankruptcy
30. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Nonprofit organization
Risk
Mortgage company
Benefits-received principle
31. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Saving
Interest Rate
Fixed expenses
Gross income
32. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Annuity
Deductible
Medicare
Premium
33. 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.
Rule of 72
Credit
Budget
Creditor
34. Money earned from investments and employment.
Net income
Income
Premium
Identity Theft
35. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
401 k
Credit Card
Interest Rate
Morals
36. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Credit Report
Individual Retirement Account (IRA)
Landlord
Checking account
37. The fee paid for insurance protection.
Credit Bureau
Interest Rate
Mortgage
Premium
38. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Savings Accounts
Progressive tax
Reconcile
Copayment
39. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Goal setting
Nonprofit organization
Saving
Closing Costs
40. 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)
Progressive tax
Social security
Tax Deduction
Consumer Credit Counseling
41. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Goal setting
Lease
Gross income
Medicare
42. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Income
Fraud
Medicare
Dumpster Diving
43. An establishment that collects and distributes credit history info. of individuals & business.
Savings Accounts
Credit Bureau
Fixed expenses
Charitable Giving
44. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Mortgage
Gambling
Credit Score/Rating
Goal setting
45. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Expenses
Social security
Income
Consumer Credit Counseling
46. A person who pays rent; the legal name for a renter.
Tenant
Rate of Return
Benefits-received principle
Goal setting
47. A purposeful course of action or purpose in life that generally provides income
Credit Card
Copayment
Career
Tax Deduction
48. Someone who knowingly deceives you for their own personal gain.
Reconcile
Lease
Fraud
Expenses
49. The value of the second-best alternative that a person gives up when making one choice instead of another.
Income
Annuity
Mortgage company
Opportunity Cost
50. A bank or credit union account that allows withdrawals by writing a check.
Checking account
Gross income
401 k
Fraud Risk