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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. Wages or salary before deductions for taxes and other purposes.
Deductions
Fixed expenses
Gross income
Credit union
2. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Hacking
Gifts in-kind
Mortgage
Closing Costs
3. A set of principles or beliefs that govern an individual's actions.
Credit Card
Debit card
Check
Ethics
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.
Landlord
Morals
Bankruptcy
Check
5. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Tax Deduction
Budget
Simple Interest
Ethics
6. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Reconcile
Rate of Return
Lease
Identity Theft
7. The chance that an investment has been misrepresented.
Reconcile
Fraud Risk
Tenant
Tax Deduction
8. 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.
Dumpster Diving
Simple Interest
Career
Credit Score/Rating
9. Taking risks with personal finances or personal assets
Social security
Variable expenses
Gambling
Debit card
10. A company that makes loans for the purchase of a house or other real estate.
Mortgage company
Net income
Interest Rate
Principal
11. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Dumpster Diving
Identity Theft
Savings Accounts
Hacking
12. 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
Mortgage
Tax Deduction
Fraud Risk
13. The value of the second-best alternative that a person gives up when making one choice instead of another.
Opportunity Cost
Tax Deduction
Creditor
Saving
14. 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)
Expenses
Annuity
Progressive tax
Gross income
15. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Tax Deduction
Net income
Opportunity Cost
Risk
16. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Saving
Fixed expenses
Credit Card
Premium
17. Costs paid when buying a house or real estate.
Social security
Budget
Debit card
Closing Costs
18. 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.
Income
Premium
Social security
Credit
19. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Landlord
Risk
Dumpster Diving
Savings Accounts
20. 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.
Income
Medicare
Rule of 72
Benefits-received principle
21. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Income
Expenses
Income
Benefits-received principle
22. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Net income
Credit Bureau
Fixed expenses
Consumer Credit Counseling
23. The act of giving to charitable organizations or to those in need.
Savings Accounts
Debit card
Ethics
Charitable Giving
24. A company that makes loans for the purchase of a house or other real estate.
Credit Score/Rating
Mortgage company
Premium
Ethics
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.
Budget
Expenses
Goal setting
Rule of 72
26. An establishment that collects and distributes credit history info. of individuals & business.
Benefits-received principle
Credit Bureau
Savings Accounts
Variable expenses
27. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Credit
Interest
Consumer Credit Counseling
Identity Theft
28. Payment for the use of someone else's money
Dumpster Diving
Goal setting
Tax Deduction
Interest
29. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Gambling
Income
Probability
Mortgage
30. Someone who knowingly deceives you for their own personal gain.
Goal
Fraud
Expenses
Saving
31. Payment for the use of someone else's money
Fixed expenses
Gifts in-kind
Interest
Hacking
32. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Tax Deduction
Fraud
Morals
Fraud Risk
33. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Copayment
Reconcile
Premium
Check
34. A person who owns property and rents it to another.
Probability
Landlord
Nonprofit organization
Premium
35. Money earned from investments and employment.
Coinsurance
Income
Identity Theft
Credit Score/Rating
36. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Individual Retirement Account (IRA)
Principal
Rate of Return
Medicare
37. The chance that an investment has been misrepresented.
Credit
Creditor
Fraud Risk
Consumer Credit Counseling
38. A purposeful course of action or purpose in life that generally provides income
Career
Deductions
Ethics
Income
39. Costs paid when buying a house or real estate.
Mortgage
Probability
Opportunity Cost
Closing Costs
40. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Morals
Lease
Mortgage
Income
41. A long-term loan to buy real estate including land and the structures on it.
Mortgage
401 k
Career
Individual Retirement Account (IRA)
42. The act of giving to charitable organizations or to those in need.
Benefits-received principle
Charitable Giving
Opportunity Cost
Goal
43. A non-cash contribution to a charitable organization which can be given a cash value.
Principal
Identity Theft
Hacking
Gifts in-kind
44. The fee paid for insurance protection.
Income
Credit Card
Premium
Deductions
45. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Annuity
Income
Credit union
Ethics
46. 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.
Principal
Coinsurance
Charitable Giving
Annuity
47. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Fraud
Variable expenses
Check
Charitable Giving
48. The chance or likelihood that something will happen.
Social security
Tax Deduction
Probability
Credit Bureau
49. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Credit Report
Savings Accounts
Hacking
Goal setting
50. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Goal setting
Creditor
Fraud Risk
Credit Card