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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 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.
Charitable Giving
Saving
Credit
401 k
2. The chance or likelihood that something will happen.
Probability
401 k
Social security
Savings Accounts
3. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Income
Checking account
Morals
Hacking
4. 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.
Consumer Credit Counseling
Coinsurance
Consumer Credit Counseling
Credit
5. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Ethics
Budget
Dumpster Diving
Interest Rate
6. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Income
Risk
Reconcile
Consumer Credit Counseling
7. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Creditor
Probability
Fixed expenses
Reconcile
8. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Hacking
Individual Retirement Account (IRA)
Credit union
Dumpster Diving
9. A person who pays rent; the legal name for a renter.
Tenant
Progressive tax
Closing Costs
Mortgage company
10. Taking risks with personal finances or personal assets
Progressive tax
Gambling
Checking account
Hacking
11. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Fraud Risk
Goal setting
Hacking
Rate of Return
12. A long-term loan to buy real estate including land and the structures on it.
Credit Report
Social security
Mortgage
Annuity
13. A non-cash contribution to a charitable organization which can be given a cash value.
Charitable Giving
Principal
Gifts in-kind
Medicare
14. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Mortgage company
Lease
Bankruptcy
Credit union
15. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Variable expenses
Check
Mortgage company
Charitable Giving
16. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Tax Deduction
Saving
Individual Retirement Account (IRA)
Credit Score/Rating
17. How fast money in savings account or investment grows.
Fraud
Credit Report
Interest
Rate of Return
18. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Opportunity Cost
Nonprofit organization
Charitable Giving
Benefits-received principle
19. An establishment that collects and distributes credit history info. of individuals & business.
Medicare
Morals
Mortgage
Credit Bureau
20. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Tenant
Reconcile
Income
Interest Rate
21. Taking risks with personal finances or personal assets
Gambling
Annuity
Gifts in-kind
Credit
22. Someone who knowingly deceives you for their own personal gain.
Fraud
Income
Tenant
401 k
23. The original amount of money deposited or invested.
Principal
Tax Deduction
Social security
Credit Report
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 Bureau
Credit Card
Expenses
Tax Deduction
25. A bank or credit union account that allows withdrawals by writing a check.
Fraud
Probability
Credit Report
Checking account
26. The original amount of money deposited or invested.
Principal
Savings Accounts
Credit Bureau
Expenses
27. 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.
Lease
Gambling
Coinsurance
Credit Score/Rating
28. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Bankruptcy
Mortgage
Goal
Fraud
29. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Consumer Credit Counseling
Goal setting
Mortgage company
Variable expenses
30. A company that makes loans for the purchase of a house or other real estate.
Mortgage company
Rate of Return
Progressive tax
Morals
31. 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.
Nonprofit organization
Annuity
Benefits-received principle
Budget
32. A company that makes loans for the purchase of a house or other real estate.
Mortgage company
Copayment
Saving
Fixed expenses
33. Wages or salary before deductions for taxes and other purposes.
Closing Costs
Gross income
Coinsurance
Landlord
34. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Medicare
Identity Theft
Morals
Interest Rate
35. A legal organization providing services or activities without commercial or monetary gain.
Lease
Nonprofit organization
Net income
Net income
36. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Principal
Check
Benefits-received principle
Medicare
37. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Interest Rate
Income
Goal setting
Opportunity Cost
38. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Principal
Deductible
Interest
Reconcile
39. A long-term loan to buy real estate including land and the structures on it.
Mortgage
Credit Report
Fraud Risk
Benefits-received principle
40. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Saving
Credit Bureau
Coinsurance
Morals
41. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Goal
Premium
Copayment
Gross income
42. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Income
Savings Accounts
Goal
Check
43. A non-cash contribution to a charitable organization which can be given a cash value.
Checking account
Mortgage
Gifts in-kind
Tax Deduction
44. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Deductible
Premium
Hacking
Credit Bureau
45. 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.
Probability
Nonprofit organization
Credit
Fraud
46. The chance that an investment has been misrepresented.
Fraud Risk
Progressive tax
Opportunity Cost
Debit card
47. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Rule of 72
Morals
Checking account
Mortgage
48. 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)
Ethics
Progressive tax
Credit Bureau
Benefits-received principle
49. A purposeful course of action or purpose in life that generally provides income
Career
Checking account
Deductions
Bankruptcy
50. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Goal
Reconcile
Deductible
Opportunity Cost