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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. A company that makes loans for the purchase of a house or other real estate.
Mortgage company
Check
Landlord
Interest
2. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Income
Credit Report
Nonprofit organization
Mortgage
3. The chance or likelihood that something will happen.
Morals
Budget
Probability
Mortgage
4. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Simple Interest
Mortgage company
Expenses
Progressive tax
5. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Deductions
Goal setting
Hacking
Dumpster Diving
6. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Rule of 72
Career
Deductible
Lease
7. The fee paid for insurance protection.
Premium
Checking account
Rate of Return
Individual Retirement Account (IRA)
8. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Medicare
Expenses
Goal setting
Savings Accounts
9. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Mortgage
Benefits-received principle
Morals
Premium
10. Taking risks with personal finances or personal assets
Copayment
Landlord
Gambling
Dumpster Diving
11. The chance that an investment has been misrepresented.
Fraud Risk
Credit Bureau
Check
401 k
12. A person who pays rent; the legal name for a renter.
Budget
Lease
Credit Report
Tenant
13. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Simple Interest
Identity Theft
Goal
Individual Retirement Account (IRA)
14. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Coinsurance
Reconcile
Landlord
Charitable Giving
15. A bank or credit union account that allows withdrawals by writing a check.
Checking account
Income
Probability
Fixed expenses
16. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Mortgage
Credit Card
Budget
Premium
17. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Bankruptcy
Mortgage
Credit union
Morals
18. 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.
Credit Score/Rating
Mortgage
Goal
Creditor
19. Payment for the use of someone else's money
Budget
Progressive tax
Consumer Credit Counseling
Interest
20. 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)
Rule of 72
Progressive tax
Mortgage company
Fixed expenses
21. Money earned from investments and employment.
Credit Bureau
Income
Creditor
Identity Theft
22. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Charitable Giving
Gross income
Fraud
Credit union
23. The value of the second-best alternative that a person gives up when making one choice instead of another.
Tenant
Variable expenses
Opportunity Cost
Credit Score/Rating
24. Money earned from investments and employment.
Closing Costs
Coinsurance
Income
Benefits-received principle
25. 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.
Gambling
Net income
Annuity
Credit Report
26. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Progressive tax
Deductible
401 k
Deductions
27. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Hacking
Coinsurance
Gross income
Nonprofit organization
28. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Consumer Credit Counseling
Fraud Risk
Deductible
Bankruptcy
29. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Social security
Income
Fixed expenses
Risk
30. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Expenses
Mortgage
Copayment
Interest
31. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Consumer Credit Counseling
Deductible
Creditor
Social security
32. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Credit Bureau
Goal setting
Gifts in-kind
Credit union
33. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Variable expenses
Opportunity Cost
Expenses
Progressive tax
34. Someone who knowingly deceives you for their own personal gain.
Fraud
Reconcile
Consumer Credit Counseling
Credit
35. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Risk
Credit
Credit Card
Bankruptcy
36. 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.
Ethics
Landlord
Saving
Annuity
37. Payment for the use of someone else's money
Interest
Closing Costs
Hacking
Expenses
38. 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 union
Income
Annuity
Tenant
39. Anything subtracted from your gross income.
Budget
Check
Mortgage
Deductions
40. 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.
Variable expenses
Checking account
Lease
Credit union
41. The value of the second-best alternative that a person gives up when making one choice instead of another.
Opportunity Cost
Bankruptcy
Rule of 72
Bankruptcy
42. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Saving
Mortgage
Gross income
Tenant
43. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Net income
Goal
Copayment
Tenant
44. 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.
Credit Card
Charitable Giving
Social security
Savings Accounts
45. How fast money in savings account or investment grows.
Tax Deduction
Progressive tax
Rate of Return
Simple Interest
46. An establishment that collects and distributes credit history info. of individuals & business.
Morals
Charitable Giving
Credit Bureau
Deductible
47. A long-term loan to buy real estate including land and the structures on it.
Credit Report
Annuity
Simple Interest
Mortgage
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.
Reconcile
Fraud Risk
Interest Rate
Budget
49. The original amount of money deposited or invested.
Nonprofit organization
Gross income
Principal
Fraud
50. The percentage of the costs of medical services paid by the patient.
Coinsurance
Credit Report
Simple Interest
Charitable Giving