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Financial Literacy Vocab

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. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.






2. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.






3. A long-term loan to buy real estate including land and the structures on it.






4. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.






5. Costs paid when buying a house or real estate.






6. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.






7. A person who pays rent; the legal name for a renter.






8. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends






9. The chance or likelihood that something will happen.






10. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.






11. Anything subtracted from your gross income.






12. 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.






13. 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.






14. Payment for the use of someone else's money






15. Costs paid when buying a house or real estate.






16. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.






17. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.






18. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.






19. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.






20. A set of principles or beliefs that govern an individual's actions.






21. A non-cash contribution to a charitable organization which can be given a cash value.






22. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.






23. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.






24. The percentage of the costs of medical services paid by the patient.






25. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.






26. 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.






27. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.






28. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.






29. The original amount of money deposited or invested.






30. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.






31. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.






32. The value of the second-best alternative that a person gives up when making one choice instead of another.






33. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).






34. 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.






35. 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.






36. A person who owns property and rents it to another.






37. 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.






38. A set of principles or beliefs that govern an individual's actions.






39. A person or company to whom money is owed.






40. 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.






41. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.






42. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).






43. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends






44. Someone who rummages through your trash looking for bills or other paper with your personal information on it.






45. 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.






46. 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.






47. 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.






48. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.






49. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.






50. Anything subtracted from your gross income.







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