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






2. A legal organization providing services or activities without commercial or monetary gain.






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






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






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






6. A long-term loan to buy real estate including land and the structures on it.






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






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






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.






10. The percentage of the costs of medical services paid by the patient.






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






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






15. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.






16. A plastic card used to deduct a purchase amount directly from your checking account.






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






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






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






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






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






22. 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.






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






24. 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.






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






26. 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.






27. The original amount of money deposited or invested.






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






29. Using a person's name or personal information without the person's permission to steal money or get other benefit.






30. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.






31. A person who owns property and rents it to another.






32. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.






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






34. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.






35. 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.






36. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends






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






38. An establishment that collects and distributes credit history info. of individuals & business.






39. 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)






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






41. The percentage of the costs of medical services paid by the patient.






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






44. 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.






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






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






47. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.






48. 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.






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






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