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






2. Wages or salary before deductions for taxes and other purposes.






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






4. The chance that an investment has been misrepresented.






5. The value of the second-best alternative that a person gives up when making one choice instead of another.






6. 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.






7. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.






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






9. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.






10. Anything subtracted from your gross income.






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






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






13. Money earned from investments and employment.






14. The percentage of the costs of medical services paid by the patient.






15. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.






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






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






18. The chance or likelihood that something will happen.






19. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.






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






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






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






23. The chance or likelihood that something will happen.






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






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






26. Money earned from investments and employment.






27. The original amount of money deposited or invested.






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






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






30. A plastic card used to deduct a purchase amount directly from your checking account.






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






32. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.






33. 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.






34. 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)






35. 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)






36. A measure of the uncertainty of an investment's rate of return; possible losses.






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






38. 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.






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






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






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






42. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)






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






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






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






46. The fee paid for insurance protection.






47. The value of the second-best alternative that a person gives up when making one choice instead of another.






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






49. Costs paid when buying a house or real estate.






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






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