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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. The act of giving to charitable organizations or to those in need.
Credit Score/Rating
Net income
Goal setting
Charitable Giving
2. 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.
Fixed expenses
Credit Report
Gross income
Principal
3. The chance that an investment has been misrepresented.
Net income
Fraud Risk
Risk
Income
4. Someone who knowingly deceives you for their own personal gain.
Bankruptcy
Fraud
Fixed expenses
Hacking
5. A person who owns property and rents it to another.
Interest Rate
Income
Gambling
Landlord
6. The percentage of the costs of medical services paid by the patient.
Coinsurance
Credit Card
Copayment
Fixed expenses
7. A measure of the uncertainty of an investment's rate of return; possible losses.
Fraud Risk
Risk
401 k
Consumer Credit Counseling
8. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Deductions
Variable expenses
Mortgage
Mortgage
9. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Checking account
Benefits-received principle
Tax Deduction
Hacking
10. 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)
Rule of 72
Hacking
Progressive tax
Deductions
11. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
401 k
Risk
Goal setting
Credit
12. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Goal setting
Principal
Variable expenses
Fraud Risk
13. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Copayment
Income
Budget
Interest Rate
14. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Identity Theft
Bankruptcy
Debit card
Benefits-received principle
15. A person or company to whom money is owed.
Creditor
Credit Bureau
Interest Rate
Tax Deduction
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 Report
Fraud Risk
401 k
Simple Interest
17. 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.
Credit
Credit union
Career
Social security
18. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Net income
Morals
Medicare
Annuity
19. 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.
Debit card
Bankruptcy
Social security
Interest Rate
20. 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.
Gambling
Credit Score/Rating
Copayment
Saving
21. 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
Credit union
Mortgage
Credit
22. The value of the second-best alternative that a person gives up when making one choice instead of another.
Check
Opportunity Cost
Savings Accounts
Credit union
23. A purposeful course of action or purpose in life that generally provides income
Career
Deductions
Credit
Identity Theft
24. Anything subtracted from your gross income.
Hacking
Net income
Deductions
Morals
25. The percentage of the costs of medical services paid by the patient.
Consumer Credit Counseling
Fraud Risk
Coinsurance
Copayment
26. A bank or credit union account that allows withdrawals by writing a check.
Checking account
Medicare
Credit Bureau
Credit Report
27. 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
Fraud Risk
Credit Card
Gambling
28. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Simple Interest
Variable expenses
Credit Card
Identity Theft
29. 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.
401 k
Gifts in-kind
Income
Benefits-received principle
30. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Tenant
Medicare
Debit card
Copayment
31. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Credit Report
Credit Bureau
Income
Copayment
32. 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.
Coinsurance
Identity Theft
Nonprofit organization
Rule of 72
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.
Landlord
Interest
Savings Accounts
Budget
34. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Gifts in-kind
Saving
Reconcile
Check
35. The chance that an investment has been misrepresented.
Fraud Risk
Fraud
Creditor
Gross income
36. The original amount of money deposited or invested.
Gambling
Rule of 72
Principal
Net income
37. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Bankruptcy
Credit union
Hacking
Opportunity Cost
38. Money earned from investments and employment.
Income
Check
Mortgage
Budget
39. The chance or likelihood that something will happen.
Coinsurance
Coinsurance
Probability
Saving
40. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Goal
Goal setting
Gross income
Credit Card
41. Payment for the use of someone else's money
Deductions
Deductible
Expenses
Interest
42. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Deductions
Interest Rate
Principal
Risk
43. Costs paid when buying a house or real estate.
Check
Closing Costs
Dumpster Diving
Saving
44. 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.
Mortgage
Credit Bureau
Rule of 72
Identity Theft
45. A legal organization providing services or activities without commercial or monetary gain.
Landlord
Credit Score/Rating
Nonprofit organization
Identity Theft
46. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Saving
Mortgage
Reconcile
Risk
47. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Principal
Expenses
Bankruptcy
Career
48. Wages or salary before deductions for taxes and other purposes.
Interest Rate
Dumpster Diving
Gross income
Budget
49. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Fraud Risk
Annuity
Saving
Nonprofit organization
50. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Debit card
Identity Theft
Deductions
401 k