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Test your basic knowledge |
Financial Literacy Vocab
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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.
Credit
Identity Theft
Hacking
Creditor
2. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Rule of 72
Income
Consumer Credit Counseling
Saving
3. A long-term loan to buy real estate including land and the structures on it.
Mortgage
Risk
Mortgage company
Benefits-received principle
4. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Closing Costs
Consumer Credit Counseling
Credit Report
Variable expenses
5. Costs paid when buying a house or real estate.
Closing Costs
Gambling
401 k
Mortgage company
6. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Tax Deduction
Credit Card
Credit
Mortgage company
7. A person who pays rent; the legal name for a renter.
Deductions
Budget
Tenant
Saving
8. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Reconcile
Income
Credit Report
Nonprofit organization
9. The chance or likelihood that something will happen.
Probability
Expenses
Expenses
Coinsurance
10. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Closing Costs
Credit Card
Hacking
Expenses
11. Anything subtracted from your gross income.
Budget
Social security
Budget
Deductions
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.
Deductions
Savings Accounts
Credit Score/Rating
Reconcile
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.
Risk
401 k
Saving
Rule of 72
14. Payment for the use of someone else's money
Reconcile
Interest
Fraud Risk
Progressive tax
15. Costs paid when buying a house or real estate.
Creditor
Credit Bureau
Goal setting
Closing Costs
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.
Reconcile
Rate of Return
Medicare
401 k
17. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Debit card
Credit Report
Interest Rate
Dumpster Diving
18. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Tenant
Social security
Morals
Simple Interest
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.
401 k
Mortgage
Dumpster Diving
Bankruptcy
20. A set of principles or beliefs that govern an individual's actions.
Ethics
Landlord
Identity Theft
Tax Deduction
21. A non-cash contribution to a charitable organization which can be given a cash value.
Mortgage company
Fraud Risk
Gifts in-kind
Fixed expenses
22. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Simple Interest
Fixed expenses
Credit Score/Rating
Gambling
23. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Budget
Saving
Coinsurance
Interest
24. The percentage of the costs of medical services paid by the patient.
Lease
Ethics
Coinsurance
Creditor
25. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Morals
Credit Card
Identity Theft
Nonprofit organization
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.
Copayment
Dumpster Diving
Premium
Credit
27. 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
Mortgage
Credit union
Gross income
28. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Medicare
Fixed expenses
Rate of Return
Principal
29. The original amount of money deposited or invested.
Budget
Progressive tax
Principal
Identity Theft
30. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Principal
Individual Retirement Account (IRA)
Annuity
Budget
31. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
401 k
Lease
Copayment
Credit union
32. The value of the second-best alternative that a person gives up when making one choice instead of another.
Consumer Credit Counseling
Risk
Opportunity Cost
Rate of Return
33. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Hacking
Morals
Opportunity Cost
Goal setting
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.
Reconcile
Checking account
Credit Report
Check
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.
Annuity
Credit union
Lease
Probability
36. A person who owns property and rents it to another.
Credit
Rate of Return
Landlord
Principal
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.
Rule of 72
Savings Accounts
Consumer Credit Counseling
Fraud Risk
38. A set of principles or beliefs that govern an individual's actions.
Goal
Principal
Ethics
Income
39. A person or company to whom money is owed.
Reconcile
Gambling
Budget
Creditor
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.
Deductible
Bankruptcy
Dumpster Diving
Annuity
41. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Principal
Charitable Giving
Fixed expenses
Tenant
42. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Expenses
Credit
Individual Retirement Account (IRA)
Medicare
43. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Benefits-received principle
Income
Consumer Credit Counseling
Deductible
44. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Hacking
Copayment
Consumer Credit Counseling
Dumpster Diving
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.
Ethics
Rate of Return
Lease
Copayment
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.
Medicare
Budget
Landlord
Net income
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.
Risk
401 k
Mortgage
Rule of 72
48. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Income
Net income
Gross income
Medicare
49. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Deductible
Nonprofit organization
Interest
Probability
50. Anything subtracted from your gross income.
Gifts in-kind
Deductions
Simple Interest
Principal
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