SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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 state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Deductible
Bankruptcy
Gambling
Goal
2. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Credit Report
Simple Interest
Ethics
Opportunity Cost
3. Money earned from investments and employment.
Hacking
Check
Income
Rate of Return
4. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Credit union
Nonprofit organization
Rate of Return
Debit card
5. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Check
Saving
Risk
Expenses
6. The chance that an investment has been misrepresented.
Career
Deductible
Fraud Risk
Opportunity Cost
7. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Fixed expenses
Principal
Deductible
Ethics
8. A person who owns property and rents it to another.
Closing Costs
Fraud Risk
Check
Landlord
9. 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.
Social security
Lease
Credit
Opportunity Cost
10. The fee paid for insurance protection.
Premium
Risk
Goal setting
Morals
11. The original amount of money deposited or invested.
Rule of 72
Annuity
Closing Costs
Principal
12. A purposeful course of action or purpose in life that generally provides income
Individual Retirement Account (IRA)
Career
Hacking
Net income
13. The percentage of the costs of medical services paid by the patient.
Hacking
Coinsurance
Saving
Copayment
14. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Hacking
Ethics
Credit Report
Rate of Return
15. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Probability
Premium
Simple Interest
Goal
16. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Individual Retirement Account (IRA)
Expenses
Checking account
Tax Deduction
17. 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.
401 k
Coinsurance
Landlord
Check
18. A measure of the uncertainty of an investment's rate of return; possible losses.
Deductible
Career
Fixed expenses
Risk
19. The value of the second-best alternative that a person gives up when making one choice instead of another.
Checking account
Gifts in-kind
Deductions
Opportunity Cost
20. Taking risks with personal finances or personal assets
Career
Deductions
Premium
Gambling
21. Someone who knowingly deceives you for their own personal gain.
Credit Bureau
Fraud
Savings Accounts
Rule of 72
22. How fast money in savings account or investment grows.
Mortgage
Rate of Return
Premium
Fraud Risk
23. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Creditor
Savings Accounts
Goal setting
Landlord
24. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Identity Theft
Bankruptcy
Variable expenses
Credit Bureau
25. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Fraud
Annuity
Consumer Credit Counseling
Benefits-received principle
26. A long-term loan to buy real estate including land and the structures on it.
Mortgage
Identity Theft
Consumer Credit Counseling
Net income
27. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Mortgage
Debit card
Progressive tax
Benefits-received principle
28. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Expenses
Credit Report
Fraud Risk
Saving
29. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Interest Rate
Gifts in-kind
Check
Credit Bureau
30. The percentage of the costs of medical services paid by the patient.
Landlord
Progressive tax
Social security
Coinsurance
31. 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
Credit Score/Rating
Annuity
Premium
32. 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.
Mortgage
Social security
401 k
Nonprofit organization
33. 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.
Consumer Credit Counseling
Premium
Credit Score/Rating
Credit Report
34. The act of giving to charitable organizations or to those in need.
Charitable Giving
Consumer Credit Counseling
Credit
Morals
35. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Tax Deduction
Creditor
Closing Costs
Fraud Risk
36. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Hacking
Gifts in-kind
Expenses
Career
37. Taking risks with personal finances or personal assets
Lease
Gambling
Simple Interest
Debit card
38. 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.
Credit Score/Rating
Expenses
Creditor
Mortgage
39. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Reconcile
Nonprofit organization
Goal
Simple Interest
40. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Credit Bureau
Deductions
Consumer Credit Counseling
Debit card
41. 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
Goal
Rate of Return
Mortgage
42. The chance or likelihood that something will happen.
Medicare
Coinsurance
Lease
Probability
43. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Benefits-received principle
Consumer Credit Counseling
Annuity
Goal setting
44. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Mortgage
Simple Interest
Goal setting
Fraud Risk
45. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Social security
Identity Theft
Income
Principal
46. The chance or likelihood that something will happen.
Annuity
Probability
Mortgage
Mortgage company
47. Money earned from investments and employment.
Opportunity Cost
Income
Social security
Individual Retirement Account (IRA)
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)
Progressive tax
Landlord
Reconcile
Consumer Credit Counseling
49. 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.
Fraud Risk
Gambling
Lease
Tenant
50. The value of the second-best alternative that a person gives up when making one choice instead of another.
Gross income
Saving
Opportunity Cost
Dumpster Diving