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






2. An amount of money that the member or insured pays directly to a provider at the time services are rendered.






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






4. An establishment that collects and distributes credit history info. of individuals & business.






5. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.






6. 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.






7. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.






8. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.






9. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.






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






11. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.






12. The original amount of money deposited or invested.






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






14. The fee paid for insurance protection.






15. 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.






16. The original amount of money deposited or invested.






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






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






19. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.






20. Anything subtracted from your gross income.






21. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.






22. The fee paid for insurance protection.






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






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






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






26. A company that makes loans for the purchase of a house or other real estate.






27. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)






28. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.






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






30. Money earned from investments and employment.






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






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






33. 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.






34. 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.






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






36. Anything subtracted from your gross income.






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






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






39. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.






40. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.






41. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.






42. The chance that an investment has been misrepresented.






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






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






45. An establishment that collects and distributes credit history info. of individuals & business.






46. 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.






47. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.






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






49. Taking risks with personal finances or personal assets






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







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