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Test your basic knowledge |
Financial Literacy Vocab
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Subjects
:
literacy
,
personal-finance
Instructions:
Answer 50 questions in 15 minutes.
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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 financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Tenant
Savings Accounts
Fraud
Mortgage
2. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Career
Gross income
Credit union
Interest
3. 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.
Rule of 72
Simple Interest
Savings Accounts
Credit
4. 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
Bankruptcy
Variable expenses
Fraud Risk
5. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Consumer Credit Counseling
Tax Deduction
Fixed expenses
Premium
6. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Landlord
Coinsurance
Goal
Consumer Credit Counseling
7. A set of principles or beliefs that govern an individual's actions.
Ethics
Gambling
Gross income
Credit Bureau
8. 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.
Rate of Return
Credit Report
Social security
Tax Deduction
9. 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
Premium
Goal setting
Lease
10. A legal organization providing services or activities without commercial or monetary gain.
Fixed expenses
Rate of Return
Identity Theft
Nonprofit organization
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)
Progressive tax
Charitable Giving
Mortgage company
Career
12. How fast money in savings account or investment grows.
Rate of Return
Deductions
Charitable Giving
Income
13. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Social security
Gifts in-kind
Credit union
Simple Interest
14. The value of the second-best alternative that a person gives up when making one choice instead of another.
Social security
Morals
Expenses
Opportunity Cost
15. A plastic card used to deduct a purchase amount directly from your checking account.
Goal setting
Debit card
Lease
Simple Interest
16. A measure of the uncertainty of an investment's rate of return; possible losses.
Landlord
Risk
Credit Bureau
Gifts in-kind
17. The act of giving to charitable organizations or to those in need.
Mortgage
Rule of 72
Charitable Giving
Check
18. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Identity Theft
Savings Accounts
Hacking
Nonprofit organization
19. Wages or salary before deductions for taxes and other purposes.
Premium
Gross income
Credit Card
Social security
20. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Charitable Giving
Expenses
Deductible
Mortgage
21. 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.
Checking account
Expenses
Social security
Individual Retirement Account (IRA)
22. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Fraud
Credit
Consumer Credit Counseling
Deductible
23. How fast money in savings account or investment grows.
Gifts in-kind
Rate of Return
Progressive tax
Saving
24. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Credit Card
Debit card
Mortgage
Coinsurance
25. 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.
Income
Budget
Hacking
Credit Score/Rating
26. The percentage of the costs of medical services paid by the patient.
Budget
Mortgage
Coinsurance
Credit
27. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Credit union
Career
Morals
Hacking
28. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Mortgage
Social security
Savings Accounts
Progressive tax
29. The chance or likelihood that something will happen.
Closing Costs
Landlord
Probability
Charitable Giving
30. A person who owns property and rents it to another.
Landlord
Goal
Expenses
Gifts in-kind
31. A person or company to whom money is owed.
Check
Gross income
Creditor
Expenses
32. The original amount of money deposited or invested.
Credit union
Principal
Checking account
Credit Card
33. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Dumpster Diving
Savings Accounts
Debit card
Coinsurance
34. Wages or salary before deductions for taxes and other purposes.
Variable expenses
Gross income
Charitable Giving
Income
35. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Mortgage
Credit Score/Rating
Gifts in-kind
Medicare
36. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Check
Dumpster Diving
Goal
Simple Interest
37. 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.
Goal setting
Credit
Social security
Gross income
38. A person who owns property and rents it to another.
Copayment
Principal
Reconcile
Landlord
39. The chance that an investment has been misrepresented.
Variable expenses
Premium
Budget
Fraud Risk
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)
Fixed expenses
Progressive tax
Deductions
Net income
41. Someone who knowingly deceives you for their own personal gain.
Fraud
Opportunity Cost
Copayment
Dumpster Diving
42. Taking risks with personal finances or personal assets
Annuity
Credit Card
Gambling
Credit
43. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Check
Tax Deduction
Probability
Rule of 72
44. A person who pays rent; the legal name for a renter.
Deductible
Tenant
Deductible
Identity Theft
45. A company that makes loans for the purchase of a house or other real estate.
Risk
Annuity
Copayment
Mortgage company
46. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Landlord
Variable expenses
Risk
Hacking
47. The original amount of money deposited or invested.
Bankruptcy
Deductible
Tax Deduction
Principal
48. The percentage of the costs of medical services paid by the patient.
Mortgage
Coinsurance
Income
Lease
49. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
401 k
Simple Interest
Coinsurance
Gross income
50. A company that makes loans for the purchase of a house or other real estate.
Coinsurance
Income
Variable expenses
Mortgage company
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