Test your basic knowledge |

Financial Literacy Vocab

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 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)






2. 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.






3. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.






4. How fast money in savings account or investment grows.






5. A purposeful course of action or purpose in life that generally provides income






6. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.






7. Taking risks with personal finances or personal assets






8. A legal organization providing services or activities without commercial or monetary gain.






9. 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.






10. Using a person's name or personal information without the person's permission to steal money or get other benefit.






11. A person or company to whom money is owed.






12. Someone who knowingly deceives you for their own personal gain.






13. How fast money in savings account or investment grows.






14. Anything subtracted from your gross income.






15. Someone who rummages through your trash looking for bills or other paper with your personal information on it.






16. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.






17. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.






18. 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)






19. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.






20. 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.






21. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.






22. A set of principles or beliefs that govern an individual's actions.






23. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends






24. Anything subtracted from your gross income.






25. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.






26. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.






27. 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.






28. A purposeful course of action or purpose in life that generally provides income






29. A company that makes loans for the purchase of a house or other real estate.






30. The act of giving to charitable organizations or to those in need.






31. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.






32. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.






33. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)






34. A person who owns property and rents it to another.






35. A long-term loan to buy real estate including land and the structures on it.






36. An establishment that collects and distributes credit history info. of individuals & business.






37. A non-cash contribution to a charitable organization which can be given a cash value.






38. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).






39. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).






40. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.






41. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.






42. The chance that an investment has been misrepresented.






43. A bank or credit union account that allows withdrawals by writing a check.






44. A person or company to whom money is owed.






45. Payment for the use of someone else's money






46. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.






47. The chance or likelihood that something will happen.






48. 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.






49. A person who pays rent; the legal name for a renter.






50. A non-cash contribution to a charitable organization which can be given a cash value.