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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. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Interest Rate
Social security
Nonprofit organization
Gambling
2. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Debit card
Deductible
Identity Theft
Medicare
3. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Benefits-received principle
Savings Accounts
Medicare
Gambling
4. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Bankruptcy
Probability
Individual Retirement Account (IRA)
Income
5. A measure of the uncertainty of an investment's rate of return; possible losses.
Career
Creditor
Risk
Checking account
6. 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.
Risk
Goal setting
Budget
Probability
7. 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
Principal
Tenant
Fraud
8. A measure of the uncertainty of an investment's rate of return; possible losses.
Individual Retirement Account (IRA)
Expenses
Risk
Probability
9. Anything subtracted from your gross income.
Copayment
Gifts in-kind
Opportunity Cost
Deductions
10. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Tax Deduction
Debit card
Interest Rate
Probability
11. The chance that an investment has been misrepresented.
Fraud Risk
Nonprofit organization
Mortgage company
Check
12. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Credit Score/Rating
Copayment
Rate of Return
Goal setting
13. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Career
Gambling
Goal
Individual Retirement Account (IRA)
14. 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 Bureau
Mortgage company
Annuity
Savings Accounts
15. Someone who knowingly deceives you for their own personal gain.
Rule of 72
Fraud
Mortgage company
Risk
16. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Morals
Benefits-received principle
Coinsurance
Closing Costs
17. 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.
Tax Deduction
Benefits-received principle
Credit Score/Rating
Mortgage company
18. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Mortgage company
Interest Rate
Credit Report
Goal setting
19. The value of the second-best alternative that a person gives up when making one choice instead of another.
Charitable Giving
Mortgage company
Career
Opportunity Cost
20. 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.
Medicare
Credit Score/Rating
Copayment
Budget
21. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Career
Ethics
Closing Costs
Check
22. A set of principles or beliefs that govern an individual's actions.
Mortgage company
Social security
Ethics
Credit Bureau
23. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Reconcile
Fraud Risk
Goal setting
Dumpster Diving
24. A company that makes loans for the purchase of a house or other real estate.
Mortgage company
Benefits-received principle
Premium
Closing Costs
25. The chance or likelihood that something will happen.
Probability
Nonprofit organization
Interest Rate
Nonprofit organization
26. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Consumer Credit Counseling
Credit Report
Dumpster Diving
Closing Costs
27. A non-cash contribution to a charitable organization which can be given a cash value.
Gifts in-kind
Fixed expenses
Individual Retirement Account (IRA)
Saving
28. A company that makes loans for the purchase of a house or other real estate.
Mortgage company
Progressive tax
Savings Accounts
Career
29. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Goal
Consumer Credit Counseling
Gifts in-kind
Ethics
30. A plastic card used to deduct a purchase amount directly from your checking account.
Check
Deductible
Gifts in-kind
Debit card
31. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Consumer Credit Counseling
Social security
Reconcile
Copayment
32. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Income
Individual Retirement Account (IRA)
Deductible
Debit card
33. 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)
Coinsurance
Deductions
Premium
Progressive tax
34. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Savings Accounts
Interest
Identity Theft
Identity Theft
35. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Interest
Hacking
Tenant
Credit Card
36. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Morals
Coinsurance
Consumer Credit Counseling
Reconcile
37. A set of principles or beliefs that govern an individual's actions.
Ethics
Debit card
Identity Theft
Hacking
38. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Credit Card
Mortgage company
Lease
Mortgage
39. How fast money in savings account or investment grows.
Rate of Return
Goal setting
Gifts in-kind
Deductible
40. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Lease
Fraud
Fixed expenses
Variable expenses
41. A long-term loan to buy real estate including land and the structures on it.
Creditor
Mortgage
Saving
Credit Bureau
42. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Rule of 72
Lease
Income
Credit union
43. 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.
Ethics
Credit Report
Checking account
Principal
44. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Reconcile
Morals
Simple Interest
Creditor
45. The percentage of the costs of medical services paid by the patient.
Premium
Coinsurance
Dumpster Diving
Goal
46. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Expenses
Bankruptcy
Check
Rule of 72
47. 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.
Goal
Opportunity Cost
Mortgage
Annuity
48. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Bankruptcy
Check
Bankruptcy
Reconcile
49. A person who pays rent; the legal name for a renter.
Identity Theft
Tenant
Probability
Gambling
50. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Credit Bureau
Fraud Risk
Fixed expenses
Savings Accounts