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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. Wages or salary before deductions for taxes and other purposes.
Budget
Career
Probability
Gross income
2. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Benefits-received principle
Credit Bureau
Opportunity Cost
Tenant
3. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Medicare
Closing Costs
Check
Career
4. Money earned from investments and employment.
Deductions
Fixed expenses
Income
Dumpster Diving
5. The chance or likelihood that something will happen.
Morals
Probability
Credit Bureau
Interest
6. The act of giving to charitable organizations or to those in need.
Simple Interest
Interest Rate
Fraud Risk
Charitable Giving
7. A person or company to whom money is owed.
Charitable Giving
Social security
Fraud
Creditor
8. 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.
Annuity
Creditor
Lease
Copayment
9. The percentage of the costs of medical services paid by the patient.
Coinsurance
Annuity
Individual Retirement Account (IRA)
Tenant
10. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Progressive tax
Charitable Giving
Tenant
Identity Theft
11. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Variable expenses
Goal
Check
Credit Bureau
12. A company that makes loans for the purchase of a house or other real estate.
Fraud
Progressive tax
Expenses
Mortgage company
13. How fast money in savings account or investment grows.
Budget
Net income
Rate of Return
Mortgage
14. A set of principles or beliefs that govern an individual's actions.
Ethics
Social security
Budget
Variable expenses
15. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Credit Bureau
Mortgage
Ethics
Deductions
16. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Risk
Credit Score/Rating
Identity Theft
Interest Rate
17. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Net income
Credit Report
Bankruptcy
Mortgage
18. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Morals
Reconcile
Fraud Risk
Credit Card
19. A company that makes loans for the purchase of a house or other real estate.
Fraud
Deductions
Mortgage company
Mortgage
20. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Expenses
Fraud
Variable expenses
Credit union
21. A person who owns property and rents it to another.
Rate of Return
Gambling
Variable expenses
Landlord
22. 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.
Mortgage
Budget
Rule of 72
Check
23. A bank or credit union account that allows withdrawals by writing a check.
Credit
Gross income
Tax Deduction
Checking account
24. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Hacking
Dumpster Diving
Expenses
Credit Score/Rating
25. Anything subtracted from your gross income.
Deductible
Deductions
Net income
Copayment
26. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Credit Report
Simple Interest
Consumer Credit Counseling
Expenses
27. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Savings Accounts
Deductible
Credit
Expenses
28. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Savings Accounts
Expenses
Net income
Rule of 72
29. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
401 k
Bankruptcy
Progressive tax
Variable expenses
30. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Income
Morals
Net income
Fixed expenses
31. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Probability
Career
Fixed expenses
Fraud Risk
32. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Charitable Giving
Net income
Credit Card
Opportunity Cost
33. 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
Goal
Checking account
Mortgage
34. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Fraud
Deductions
Savings Accounts
Checking account
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.
Fixed expenses
Social security
Bankruptcy
401 k
36. 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
Identity Theft
Credit Card
Rule of 72
37. The fee paid for insurance protection.
Premium
Rule of 72
Rule of 72
Variable expenses
38. 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)
Progressive tax
Gifts in-kind
Credit union
Credit
39. A measure of the uncertainty of an investment's rate of return; possible losses.
Creditor
Saving
Risk
Fraud Risk
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.
Mortgage company
Annuity
Risk
Bankruptcy
41. The fee paid for insurance protection.
Identity Theft
Premium
Interest
Reconcile
42. Wages or salary before deductions for taxes and other purposes.
Gross income
Fraud Risk
Probability
Fraud Risk
43. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Fraud Risk
Rule of 72
Fixed expenses
Expenses
44. Taking risks with personal finances or personal assets
Fixed expenses
Gambling
Savings Accounts
Net income
45. 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.
Debit card
401 k
Progressive tax
Lease
46. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Coinsurance
Closing Costs
Reconcile
Interest Rate
47. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Savings Accounts
Debit card
Goal setting
Premium
48. A set of principles or beliefs that govern an individual's actions.
Tenant
Copayment
Goal setting
Ethics
49. A purposeful course of action or purpose in life that generally provides income
Creditor
Fraud
Career
Credit union
50. The chance or likelihood that something will happen.
Progressive tax
Closing Costs
Mortgage
Probability