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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. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Income
Principal
Interest Rate
Medicare
2. 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
Nonprofit organization
Premium
Income
3. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Benefits-received principle
Net income
Identity Theft
Interest
4. 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.
Interest Rate
Credit Score/Rating
Coinsurance
Rate of Return
5. Taking risks with personal finances or personal assets
Rate of Return
Gambling
Dumpster Diving
Ethics
6. The percentage of the costs of medical services paid by the patient.
Opportunity Cost
Fraud Risk
Coinsurance
Benefits-received principle
7. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Credit Card
Checking account
Goal
Fraud
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.
Credit union
Lease
Expenses
Annuity
9. How fast money in savings account or investment grows.
Budget
Benefits-received principle
Rate of Return
Net income
10. A measure of the uncertainty of an investment's rate of return; possible losses.
Opportunity Cost
Risk
Interest Rate
Lease
11. A person who pays rent; the legal name for a renter.
Tenant
Tax Deduction
Progressive tax
Check
12. A person who owns property and rents it to another.
Tax Deduction
Copayment
Credit Card
Landlord
13. 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.
Budget
Medicare
Credit union
Income
14. A plastic card used to deduct a purchase amount directly from your checking account.
Credit
Tenant
Income
Debit card
15. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Principal
Dumpster Diving
Copayment
Income
16. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Individual Retirement Account (IRA)
Identity Theft
Morals
Goal setting
17. Anything subtracted from your gross income.
Landlord
Deductions
Income
Nonprofit organization
18. 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.
Rate of Return
Rule of 72
Progressive tax
Fraud
19. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Checking account
Net income
Ethics
Expenses
20. A non-cash contribution to a charitable organization which can be given a cash value.
Savings Accounts
Fraud Risk
Premium
Gifts in-kind
21. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Goal
Debit card
Checking account
Tenant
22. Payment for the use of someone else's money
Interest
Gross income
Credit Report
Probability
23. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Morals
Tax Deduction
Credit Card
Morals
24. The act of giving to charitable organizations or to those in need.
Rate of Return
Fixed expenses
Charitable Giving
Copayment
25. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Benefits-received principle
Goal
401 k
Creditor
26. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Deductible
Credit Bureau
Lease
Mortgage company
27. Payment for the use of someone else's money
Morals
Credit Report
Interest
Savings Accounts
28. Costs paid when buying a house or real estate.
Income
Closing Costs
Rule of 72
Benefits-received principle
29. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Social security
Nonprofit organization
Check
Mortgage
30. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Simple Interest
Career
Credit Report
Benefits-received principle
31. Costs paid when buying a house or real estate.
Closing Costs
Principal
Dumpster Diving
Medicare
32. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Copayment
Goal setting
Interest Rate
Mortgage company
33. 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.
Fraud Risk
Identity Theft
Interest Rate
Credit
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)
Income
Mortgage company
Progressive tax
Income
35. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Fixed expenses
Risk
Principal
Income
36. Someone who knowingly deceives you for their own personal gain.
Saving
Bankruptcy
Fraud
Premium
37. Money earned from investments and employment.
Gross income
Income
Goal
Mortgage
38. 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.
Credit Score/Rating
Rule of 72
Coinsurance
Identity Theft
39. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Goal setting
Mortgage
Interest Rate
Landlord
40. An establishment that collects and distributes credit history info. of individuals & business.
Consumer Credit Counseling
Credit Bureau
401 k
Hacking
41. Anything subtracted from your gross income.
Medicare
Debit card
Credit Card
Deductions
42. A person who pays rent; the legal name for a renter.
Goal
Principal
Landlord
Tenant
43. How fast money in savings account or investment grows.
Copayment
Career
Rate of Return
Rule of 72
44. 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
Checking account
Tax Deduction
Tax Deduction
45. A legal organization providing services or activities without commercial or monetary gain.
Fraud
Landlord
Nonprofit organization
Saving
46. A non-cash contribution to a charitable organization which can be given a cash value.
Credit Score/Rating
Mortgage
Checking account
Gifts in-kind
47. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Coinsurance
Nonprofit organization
Goal setting
Variable expenses
48. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Variable expenses
Principal
Annuity
Fixed expenses
49. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Medicare
Lease
Fixed expenses
Risk
50. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Credit union
Premium
Medicare
Variable expenses