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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. The original amount of money deposited or invested.
Morals
Gross income
Benefits-received principle
Principal
2. Anything subtracted from your gross income.
Simple Interest
Ethics
Identity Theft
Deductions
3. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Interest
Gifts in-kind
Interest Rate
Variable expenses
4. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Mortgage
Reconcile
Progressive tax
Gross income
5. A plastic card used to deduct a purchase amount directly from your checking account.
Debit card
Risk
Coinsurance
Tax Deduction
6. A bank or credit union account that allows withdrawals by writing a check.
Career
Budget
Dumpster Diving
Checking account
7. 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.
Social security
Mortgage
Variable expenses
Identity Theft
8. A plastic card used to deduct a purchase amount directly from your checking account.
Consumer Credit Counseling
Probability
Savings Accounts
Debit card
9. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Tenant
Tax Deduction
Fraud Risk
Goal setting
10. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Saving
Hacking
Gifts in-kind
401 k
11. An establishment that collects and distributes credit history info. of individuals & business.
Check
Coinsurance
Credit Bureau
Benefits-received principle
12. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Expenses
Opportunity Cost
Tax Deduction
Fraud Risk
13. The percentage of the costs of medical services paid by the patient.
Mortgage
Interest Rate
Ethics
Coinsurance
14. A person who pays rent; the legal name for a renter.
Saving
Tenant
Credit Report
Simple Interest
15. Someone who knowingly deceives you for their own personal gain.
Fraud
Credit union
Nonprofit organization
Credit Report
16. How fast money in savings account or investment grows.
Principal
Rate of Return
Career
Variable expenses
17. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Variable expenses
Identity Theft
Credit Score/Rating
Expenses
18. The chance that an investment has been misrepresented.
Fraud Risk
Coinsurance
Benefits-received principle
Annuity
19. A bank or credit union account that allows withdrawals by writing a check.
Identity Theft
Checking account
Medicare
Gambling
20. 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.
Charitable Giving
Credit Report
Benefits-received principle
Ethics
21. How fast money in savings account or investment grows.
Dumpster Diving
Rate of Return
Individual Retirement Account (IRA)
Goal
22. 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.
Credit Bureau
401 k
Credit Score/Rating
Variable expenses
23. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Savings Accounts
Lease
Simple Interest
Budget
24. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Hacking
Copayment
Medicare
Income
25. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Risk
Identity Theft
Mortgage
Tax Deduction
26. 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.
Principal
Income
Fraud Risk
Lease
27. A non-cash contribution to a charitable organization which can be given a cash value.
Gifts in-kind
Savings Accounts
Dumpster Diving
Nonprofit organization
28. The act of giving to charitable organizations or to those in need.
Charitable Giving
Income
Income
Deductible
29. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Bankruptcy
Bankruptcy
Individual Retirement Account (IRA)
Credit Report
30. A person who owns property and rents it to another.
Social security
Landlord
Gifts in-kind
Credit Card
31. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Copayment
Gambling
Rule of 72
Medicare
32. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Budget
Rule of 72
401 k
Consumer Credit Counseling
33. Costs paid when buying a house or real estate.
Savings Accounts
Morals
Closing Costs
Check
34. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Gifts in-kind
Consumer Credit Counseling
Credit Card
Net income
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
Income
Principal
Credit Bureau
36. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Simple Interest
Landlord
Reconcile
Nonprofit organization
37. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Coinsurance
Social security
Credit
Deductible
38. A measure of the uncertainty of an investment's rate of return; possible losses.
Medicare
Risk
Checking account
Credit Score/Rating
39. The value of the second-best alternative that a person gives up when making one choice instead of another.
Credit union
Credit Bureau
Opportunity Cost
Risk
40. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Creditor
Goal setting
Goal
Income
41. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Ethics
Credit union
Income
Gambling
42. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Credit Score/Rating
Fixed expenses
Fraud Risk
Rate of Return
43. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Medicare
Saving
Dumpster Diving
Benefits-received principle
44. Money earned from investments and employment.
Medicare
Savings Accounts
Individual Retirement Account (IRA)
Income
45. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Expenses
Mortgage
Ethics
Interest Rate
46. An establishment that collects and distributes credit history info. of individuals & business.
Fixed expenses
Credit Bureau
Checking account
Expenses
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.
Closing Costs
Rule of 72
Hacking
Benefits-received principle
48. The act of giving to charitable organizations or to those in need.
Budget
Charitable Giving
Mortgage
Fraud Risk
49. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Tax Deduction
Credit
Checking account
Fixed expenses
50. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Income
Medicare
401 k
Savings Accounts