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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 fee paid for insurance protection.
Mortgage
Premium
Deductible
Reconcile
2. A company that makes loans for the purchase of a house or other real estate.
Mortgage company
Medicare
Morals
Variable expenses
3. The value of the second-best alternative that a person gives up when making one choice instead of another.
Charitable Giving
Benefits-received principle
Opportunity Cost
Bankruptcy
4. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Gross income
Career
Benefits-received principle
Credit Bureau
5. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
401 k
Identity Theft
Saving
Check
6. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Budget
Goal
Gross income
Credit Report
7. The percentage of the costs of medical services paid by the patient.
Interest Rate
Goal setting
Career
Coinsurance
8. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Medicare
Morals
Goal setting
Credit Card
9. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Opportunity Cost
Gross income
Career
Interest Rate
10. The chance or likelihood that something will happen.
Simple Interest
Probability
Consumer Credit Counseling
Saving
11. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Fixed expenses
Mortgage company
Credit
Annuity
12. Costs paid when buying a house or real estate.
Individual Retirement Account (IRA)
Copayment
Closing Costs
Goal
13. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Medicare
Variable expenses
Risk
Lease
14. 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.
Bankruptcy
Credit Card
Goal
Credit Report
15. An establishment that collects and distributes credit history info. of individuals & business.
Savings Accounts
Credit union
Income
Credit Bureau
16. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Budget
Savings Accounts
Saving
Copayment
17. 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.
Career
Progressive tax
Fraud Risk
Credit
18. The act of giving to charitable organizations or to those in need.
Check
Charitable Giving
Credit Card
Progressive tax
19. A set of principles or beliefs that govern an individual's actions.
Individual Retirement Account (IRA)
Tax Deduction
Credit Report
Ethics
20. 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.
Consumer Credit Counseling
401 k
Premium
Interest
21. 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.
Tenant
Mortgage company
Credit Report
Credit
22. The chance that an investment has been misrepresented.
Social security
Annuity
Variable expenses
Fraud Risk
23. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Income
Gambling
Saving
Variable expenses
24. The value of the second-best alternative that a person gives up when making one choice instead of another.
Opportunity Cost
Check
Savings Accounts
Net income
25. Anything subtracted from your gross income.
Principal
Deductions
Check
Individual Retirement Account (IRA)
26. 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.
Copayment
Gross income
Credit Score/Rating
Deductions
27. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Opportunity Cost
Credit union
Rule of 72
Ethics
28. 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 Report
Landlord
Credit Score/Rating
Tenant
29. How fast money in savings account or investment grows.
Check
Rate of Return
Ethics
Annuity
30. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Rate of Return
Mortgage company
Copayment
Interest
31. A set of principles or beliefs that govern an individual's actions.
Credit Score/Rating
Deductions
Ethics
Principal
32. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Tax Deduction
Budget
Dumpster Diving
Consumer Credit Counseling
33. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Gross income
Mortgage
Premium
Bankruptcy
34. 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
Credit Card
Tax Deduction
Reconcile
35. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Ethics
Credit Score/Rating
Fixed expenses
Credit Score/Rating
36. Anything subtracted from your gross income.
Ethics
Risk
Deductions
Expenses
37. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Dumpster Diving
Reconcile
Fixed expenses
Career
38. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Tax Deduction
Debit card
Savings Accounts
Individual Retirement Account (IRA)
39. Payment for the use of someone else's money
Goal
Simple Interest
Interest
Career
40. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Savings Accounts
Simple Interest
Credit union
Goal setting
41. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Fraud Risk
Mortgage company
Simple Interest
Hacking
42. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Hacking
Identity Theft
Reconcile
Deductible
43. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Simple Interest
Fraud Risk
Check
Income
44. A measure of the uncertainty of an investment's rate of return; possible losses.
Individual Retirement Account (IRA)
Rule of 72
Risk
Charitable Giving
45. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Goal setting
Deductible
Closing Costs
Interest
46. A person who owns property and rents it to another.
Premium
Closing Costs
Goal setting
Landlord
47. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Variable expenses
Creditor
Budget
Progressive tax
48. 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
Goal setting
Savings Accounts
Interest Rate
49. The chance that an investment has been misrepresented.
Deductible
Risk
Fraud Risk
Premium
50. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Hacking
Benefits-received principle
Expenses
401 k