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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. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Hacking
Tax Deduction
Mortgage
Income
2. 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.
Ethics
Annuity
Checking account
Budget
3. Payment for the use of someone else's money
Interest
Checking account
Fraud Risk
Mortgage
4. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Individual Retirement Account (IRA)
Medicare
Morals
Saving
5. 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
Interest
Fraud Risk
Savings Accounts
6. A person or company to whom money is owed.
Ethics
Income
Creditor
Individual Retirement Account (IRA)
7. The percentage of the costs of medical services paid by the patient.
Saving
Credit Report
Coinsurance
Hacking
8. A person who pays rent; the legal name for a renter.
Income
Mortgage
Tenant
Income
9. A company that makes loans for the purchase of a house or other real estate.
Nonprofit organization
Identity Theft
Mortgage company
Checking account
10. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Fixed expenses
Net income
Career
Check
11. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Gambling
Opportunity Cost
Mortgage company
Bankruptcy
12. Someone who knowingly deceives you for their own personal gain.
Credit
Fraud
Identity Theft
Goal
13. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Gross income
Mortgage
Medicare
Career
14. How fast money in savings account or investment grows.
Credit union
Rate of Return
401 k
Saving
15. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Copayment
Deductions
Goal setting
Individual Retirement Account (IRA)
16. A company that makes loans for the purchase of a house or other real estate.
Risk
Mortgage company
Rule of 72
Interest Rate
17. The act of giving to charitable organizations or to those in need.
Credit Bureau
Fixed expenses
Charitable Giving
Gambling
18. Anything subtracted from your gross income.
Gambling
Simple Interest
Nonprofit organization
Deductions
19. Costs paid when buying a house or real estate.
Medicare
Closing Costs
Benefits-received principle
Mortgage
20. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Deductible
Social security
Dumpster Diving
Mortgage company
21. The act of giving to charitable organizations or to those in need.
Charitable Giving
Income
Principal
Expenses
22. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Checking account
Budget
Benefits-received principle
Reconcile
23. A plastic card used to deduct a purchase amount directly from your checking account.
Hacking
Creditor
Copayment
Debit card
24. An establishment that collects and distributes credit history info. of individuals & business.
Credit Bureau
Premium
Ethics
Credit
25. The original amount of money deposited or invested.
Closing Costs
Budget
Principal
Fraud Risk
26. A legal organization providing services or activities without commercial or monetary gain.
Nonprofit organization
Tenant
Expenses
Credit
27. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Individual Retirement Account (IRA)
Annuity
Tenant
Net income
28. The fee paid for insurance protection.
Savings Accounts
Premium
Variable expenses
Individual Retirement Account (IRA)
29. Wages or salary before deductions for taxes and other purposes.
Closing Costs
Goal setting
Credit
Gross income
30. 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
Nonprofit organization
Fraud
Mortgage company
31. A legal organization providing services or activities without commercial or monetary gain.
Interest Rate
Social security
Nonprofit organization
Rule of 72
32. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Savings Accounts
Expenses
Landlord
Identity Theft
33. 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.
Deductible
Opportunity Cost
Rule of 72
Morals
34. Taking risks with personal finances or personal assets
Gambling
Tax Deduction
Goal setting
Variable expenses
35. 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.
Debit card
Mortgage company
Nonprofit organization
Credit
36. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Fixed expenses
Morals
Net income
Fraud
37. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Net income
Social security
Saving
Rule of 72
38. Someone who knowingly deceives you for their own personal gain.
Rate of Return
Risk
Goal setting
Fraud
39. Money earned from investments and employment.
Dumpster Diving
Income
Goal
Premium
40. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Premium
Tax Deduction
Progressive tax
Identity Theft
41. 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.
Benefits-received principle
Progressive tax
Credit Report
Budget
42. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Check
Tenant
Benefits-received principle
401 k
43. The percentage of the costs of medical services paid by the patient.
Career
Identity Theft
Mortgage
Coinsurance
44. A purposeful course of action or purpose in life that generally provides income
Gross income
Tenant
Savings Accounts
Career
45. A person or company to whom money is owed.
Gross income
Gifts in-kind
Credit union
Creditor
46. A measure of the uncertainty of an investment's rate of return; possible losses.
Ethics
Interest
Risk
Bankruptcy
47. Taking risks with personal finances or personal assets
Copayment
Reconcile
Gambling
Saving
48. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Identity Theft
Mortgage
Consumer Credit Counseling
Income
49. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Check
Goal setting
Principal
Mortgage
50. Anything subtracted from your gross income.
Simple Interest
Career
Deductions
401 k