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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 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
Progressive tax
Annuity
Rate of Return
2. 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.
Premium
Credit Score/Rating
Progressive tax
Creditor
3. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Gambling
Budget
Check
Coinsurance
4. How fast money in savings account or investment grows.
Lease
Medicare
Rate of Return
Saving
5. A purposeful course of action or purpose in life that generally provides income
Checking account
Goal setting
Career
Hacking
6. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Gambling
Risk
Hacking
Closing Costs
7. Taking risks with personal finances or personal assets
Mortgage company
Career
Gambling
Interest Rate
8. A legal organization providing services or activities without commercial or monetary gain.
Nonprofit organization
Individual Retirement Account (IRA)
Gross income
Credit Score/Rating
9. 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.
Credit Card
Annuity
Copayment
Gross income
10. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Identity Theft
Credit Card
Interest
Budget
11. A person or company to whom money is owed.
Mortgage
Gross income
Creditor
Fraud
12. Someone who knowingly deceives you for their own personal gain.
Closing Costs
Variable expenses
Fraud
Lease
13. How fast money in savings account or investment grows.
Gifts in-kind
Principal
Credit Report
Rate of Return
14. Anything subtracted from your gross income.
Tax Deduction
Credit Score/Rating
Charitable Giving
Deductions
15. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Dumpster Diving
Nonprofit organization
Reconcile
Credit
16. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Fixed expenses
Budget
Career
Income
17. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Rate of Return
Credit Card
Fixed expenses
Simple Interest
18. 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)
Credit Bureau
Progressive tax
Mortgage
Gross income
19. 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
Deductible
Consumer Credit Counseling
Rule of 72
20. 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.
Mortgage
Tax Deduction
Premium
Credit
21. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
401 k
Risk
Fixed expenses
Rate of Return
22. A set of principles or beliefs that govern an individual's actions.
Copayment
Credit union
Charitable Giving
Ethics
23. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Creditor
Mortgage
Income
Tenant
24. Anything subtracted from your gross income.
Probability
Closing Costs
Credit Card
Deductions
25. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Morals
Reconcile
Net income
Income
26. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Charitable Giving
Annuity
Bankruptcy
Mortgage
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.
Rule of 72
Progressive tax
401 k
Ethics
28. A purposeful course of action or purpose in life that generally provides income
Closing Costs
Interest Rate
Career
Checking account
29. A company that makes loans for the purchase of a house or other real estate.
Mortgage company
Mortgage
Fraud Risk
Hacking
30. The act of giving to charitable organizations or to those in need.
Credit Bureau
Charitable Giving
Goal
Hacking
31. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Rate of Return
Interest Rate
Debit card
Credit Score/Rating
32. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Credit Score/Rating
Hacking
Copayment
Saving
33. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Annuity
Individual Retirement Account (IRA)
Opportunity Cost
Savings Accounts
34. A person who owns property and rents it to another.
Ethics
Debit card
Landlord
Opportunity Cost
35. A long-term loan to buy real estate including land and the structures on it.
Gross income
Fixed expenses
Risk
Mortgage
36. An establishment that collects and distributes credit history info. of individuals & business.
Copayment
Credit Bureau
Coinsurance
Gifts in-kind
37. A non-cash contribution to a charitable organization which can be given a cash value.
Credit Card
Interest
Gifts in-kind
Charitable Giving
38. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Medicare
Expenses
Goal setting
Interest Rate
39. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Expenses
Goal setting
Morals
Charitable Giving
40. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Fraud
Principal
Hacking
Identity Theft
41. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Mortgage company
Expenses
Variable expenses
401 k
42. The chance that an investment has been misrepresented.
Risk
Goal
Fraud Risk
Principal
43. A bank or credit union account that allows withdrawals by writing a check.
Checking account
Copayment
Rate of Return
Credit Bureau
44. A person or company to whom money is owed.
Fixed expenses
Morals
Creditor
Closing Costs
45. Payment for the use of someone else's money
Interest
Bankruptcy
Credit Report
Risk
46. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Benefits-received principle
Goal setting
Credit Card
Probability
47. The chance or likelihood that something will happen.
Probability
Ethics
Mortgage
Credit Report
48. 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
Gifts in-kind
Budget
Career
49. A person who pays rent; the legal name for a renter.
Income
Tenant
Ethics
Annuity
50. A non-cash contribution to a charitable organization which can be given a cash value.
Gifts in-kind
Morals
Lease
Copayment