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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 process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Principal
Credit Card
Credit
Reconcile
2. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Tenant
Fraud Risk
Savings Accounts
Risk
3. 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
Ethics
Coinsurance
Probability
4. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Risk
Individual Retirement Account (IRA)
Debit card
Hacking
5. 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.
Credit
Simple Interest
Credit Card
Ethics
6. The act of giving to charitable organizations or to those in need.
Income
Coinsurance
Charitable Giving
Credit Bureau
7. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Copayment
Income
Deductible
Consumer Credit Counseling
8. The fee paid for insurance protection.
Premium
Consumer Credit Counseling
Checking account
Expenses
9. A bank or credit union account that allows withdrawals by writing a check.
Annuity
Checking account
Credit union
Social security
10. A legal organization providing services or activities without commercial or monetary gain.
Tax Deduction
Credit Report
Nonprofit organization
Saving
11. 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.
Savings Accounts
Interest Rate
Deductions
Credit Report
12. Payment for the use of someone else's money
Interest
Landlord
Goal
Individual Retirement Account (IRA)
13. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Net income
Income
Morals
Savings Accounts
14. A plastic card used to deduct a purchase amount directly from your checking account.
Premium
Debit card
Mortgage
Hacking
15. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Simple Interest
Individual Retirement Account (IRA)
Variable expenses
Bankruptcy
16. Money earned from investments and employment.
Interest Rate
Variable expenses
Coinsurance
Income
17. A person who owns property and rents it to another.
Charitable Giving
Morals
Landlord
Copayment
18. 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.
Check
Income
Rule of 72
Annuity
19. Wages or salary before deductions for taxes and other purposes.
Credit Report
Social security
Probability
Gross income
20. Costs paid when buying a house or real estate.
Closing Costs
Expenses
Credit union
Gifts in-kind
21. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Hacking
Fixed expenses
Risk
Closing Costs
22. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Progressive tax
Gross income
Check
Nonprofit organization
23. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Goal
Expenses
Credit Score/Rating
Check
24. 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
Goal setting
Dumpster Diving
Hacking
25. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Income
Hacking
Expenses
Goal setting
26. A set of principles or beliefs that govern an individual's actions.
401 k
401 k
Ethics
Progressive tax
27. The percentage of the costs of medical services paid by the patient.
Benefits-received principle
Credit Report
Coinsurance
Savings Accounts
28. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Individual Retirement Account (IRA)
Morals
Checking account
Interest Rate
29. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Identity Theft
Net income
Interest Rate
Savings Accounts
30. A person who pays rent; the legal name for a renter.
Gambling
Tenant
Career
Social security
31. Payment for the use of someone else's money
Mortgage company
Bankruptcy
Credit Score/Rating
Interest
32. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Progressive tax
Social security
Credit union
Landlord
33. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Principal
Annuity
Checking account
Interest Rate
34. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Identity Theft
Creditor
Saving
Social security
35. The chance or likelihood that something will happen.
Opportunity Cost
Credit Score/Rating
Rate of Return
Probability
36. 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
Income
Goal setting
Credit Report
37. The act of giving to charitable organizations or to those in need.
Charitable Giving
Credit Card
Tax Deduction
Budget
38. The chance or likelihood that something will happen.
Gross income
Hacking
Probability
Mortgage
39. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Probability
Goal setting
Social security
Simple Interest
40. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Mortgage
Bankruptcy
Benefits-received principle
Simple Interest
41. A long-term loan to buy real estate including land and the structures on it.
Creditor
Simple Interest
Mortgage
Nonprofit organization
42. A legal organization providing services or activities without commercial or monetary gain.
Individual Retirement Account (IRA)
Income
Charitable Giving
Nonprofit organization
43. How fast money in savings account or investment grows.
Variable expenses
Rate of Return
Gifts in-kind
Reconcile
44. A purposeful course of action or purpose in life that generally provides income
Goal
Career
Credit Bureau
Closing Costs
45. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Risk
Budget
Copayment
Saving
46. Costs paid when buying a house or real estate.
Closing Costs
Morals
Expenses
Mortgage
47. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Check
Lease
Simple Interest
Rate of Return
48. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Risk
Credit Score/Rating
Credit Card
Dumpster Diving
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.
Lease
Probability
Budget
Individual Retirement Account (IRA)
50. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Copayment
Budget
Deductible
Goal setting