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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. Costs paid when buying a house or real estate.
Savings Accounts
Consumer Credit Counseling
Tax Deduction
Closing Costs
2. 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.
Income
Gross income
Annuity
Closing Costs
3. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Goal setting
Deductible
Mortgage
Debit card
4. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Dumpster Diving
Income
Risk
Interest
5. 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.
Gross income
401 k
Interest Rate
Hacking
6. Someone who knowingly deceives you for their own personal gain.
Fraud
Tenant
Medicare
Dumpster Diving
7. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Creditor
Mortgage company
Goal setting
Credit Card
8. 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.
Credit Report
Hacking
Annuity
Career
9. A legal organization providing services or activities without commercial or monetary gain.
Nonprofit organization
Tenant
Gambling
Ethics
10. 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)
Consumer Credit Counseling
Interest
Individual Retirement Account (IRA)
Progressive tax
11. 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)
Credit Bureau
Savings Accounts
Expenses
12. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Annuity
Savings Accounts
Fixed expenses
Medicare
13. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Dumpster Diving
Annuity
Bankruptcy
Hacking
14. A long-term loan to buy real estate including land and the structures on it.
Savings Accounts
Mortgage
Annuity
Creditor
15. 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.
Saving
Identity Theft
Annuity
Credit
16. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Mortgage
Charitable Giving
Dumpster Diving
Income
17. A long-term loan to buy real estate including land and the structures on it.
Expenses
Mortgage
Identity Theft
Savings Accounts
18. 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
Closing Costs
Closing Costs
Savings Accounts
19. A set of principles or beliefs that govern an individual's actions.
Expenses
Benefits-received principle
Opportunity Cost
Ethics
20. A measure of the uncertainty of an investment's rate of return; possible losses.
Creditor
Risk
Credit
Credit Score/Rating
21. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Fraud Risk
Check
Opportunity Cost
Credit Card
22. A person who pays rent; the legal name for a renter.
Principal
Reconcile
Goal
Tenant
23. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Social security
Credit Card
Savings Accounts
Deductions
24. The chance that an investment has been misrepresented.
Net income
Net income
Fraud Risk
Progressive tax
25. Payment for the use of someone else's money
Nonprofit organization
Interest
Premium
Reconcile
26. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Credit Report
Individual Retirement Account (IRA)
Gambling
Credit union
27. A person or company to whom money is owed.
Credit Bureau
Tenant
Goal
Creditor
28. A non-cash contribution to a charitable organization which can be given a cash value.
Credit union
Gifts in-kind
Opportunity Cost
Lease
29. 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.
Annuity
Credit Score/Rating
Tax Deduction
Opportunity Cost
30. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Copayment
Fraud
Credit Card
Mortgage company
31. The chance that an investment has been misrepresented.
Premium
Goal setting
Tenant
Fraud Risk
32. How fast money in savings account or investment grows.
Benefits-received principle
Mortgage
Rate of Return
Goal
33. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Goal setting
Dumpster Diving
Simple Interest
Budget
34. How fast money in savings account or investment grows.
Hacking
Rate of Return
Opportunity Cost
Landlord
35. The chance or likelihood that something will happen.
Rule of 72
Goal setting
Morals
Probability
36. A purposeful course of action or purpose in life that generally provides income
Career
Income
Risk
Copayment
37. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Credit
Variable expenses
Fixed expenses
Income
38. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Variable expenses
Goal
Lease
Premium
39. 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.
Reconcile
Tenant
Budget
Hacking
40. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Credit Score/Rating
Income
Nonprofit organization
Copayment
41. The act of giving to charitable organizations or to those in need.
Social security
Charitable Giving
Expenses
Risk
42. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Nonprofit organization
Fraud Risk
Saving
Morals
43. Anything subtracted from your gross income.
Identity Theft
401 k
Interest
Deductions
44. A person who owns property and rents it to another.
Coinsurance
Landlord
Individual Retirement Account (IRA)
Medicare
45. 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
Individual Retirement Account (IRA)
Charitable Giving
Fixed expenses
46. Money earned from investments and employment.
Benefits-received principle
Progressive tax
Check
Income
47. A set of principles or beliefs that govern an individual's actions.
Credit
Consumer Credit Counseling
Ethics
Nonprofit organization
48. The original amount of money deposited or invested.
Check
Principal
Risk
Social security
49. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Debit card
Coinsurance
Interest Rate
Copayment
50. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Deductions
401 k
Copayment
Checking account