SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Savings Accounts
Saving
Career
Medicare
2. The percentage of the costs of medical services paid by the patient.
Identity Theft
Rule of 72
Coinsurance
Dumpster Diving
3. A measure of the uncertainty of an investment's rate of return; possible losses.
Credit Report
Gambling
Risk
Checking account
4. A purposeful course of action or purpose in life that generally provides income
Fraud
Medicare
Career
Identity Theft
5. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Annuity
Credit Card
Principal
Credit union
6. 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.
401 k
Identity Theft
Tax Deduction
Gambling
7. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Bankruptcy
Simple Interest
Closing Costs
Gross income
8. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Consumer Credit Counseling
Morals
Ethics
Principal
9. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Consumer Credit Counseling
Bankruptcy
Reconcile
Rule of 72
10. Using a person's name or personal information without the person's permission to steal money or get other benefit.
401 k
Identity Theft
Credit Bureau
Check
11. The original amount of money deposited or invested.
Simple Interest
Income
Principal
Progressive tax
12. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Creditor
Interest Rate
Ethics
Interest
13. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Social security
Tax Deduction
Benefits-received principle
Nonprofit organization
14. The percentage of the costs of medical services paid by the patient.
Opportunity Cost
Charitable Giving
401 k
Coinsurance
15. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Identity Theft
Mortgage company
Credit Score/Rating
Gambling
16. 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.
Credit Report
Social security
Check
Charitable Giving
17. Money earned from investments and employment.
Income
Gross income
Credit Bureau
Lease
18. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Bankruptcy
Checking account
Saving
Credit Report
19. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Deductions
Simple Interest
Expenses
Closing Costs
20. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Ethics
Saving
Tax Deduction
Income
21. 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.
Check
Credit Score/Rating
Variable expenses
Deductible
22. A bank or credit union account that allows withdrawals by writing a check.
Credit union
Mortgage
Gambling
Checking account
23. A company that makes loans for the purchase of a house or other real estate.
Individual Retirement Account (IRA)
Mortgage company
Rate of Return
Goal
24. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Mortgage
Gross income
Variable expenses
Morals
25. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Variable expenses
Landlord
Credit Report
401 k
26. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Hacking
Mortgage company
Coinsurance
Benefits-received principle
27. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Savings Accounts
Progressive tax
Bankruptcy
Morals
28. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Income
Credit Report
401 k
Probability
29. 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.
Interest
Lease
Expenses
Closing Costs
30. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Expenses
Check
Debit card
Mortgage
31. 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
Deductions
Career
Income
32. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Tax Deduction
Savings Accounts
Interest
Expenses
33. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Copayment
Fraud Risk
Individual Retirement Account (IRA)
Fixed expenses
34. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Deductible
Mortgage
Medicare
Risk
35. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Opportunity Cost
Tenant
Interest
Goal setting
36. 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.
Deductions
Interest
401 k
Budget
37. Wages or salary before deductions for taxes and other purposes.
Deductible
Career
Gross income
Credit Bureau
38. 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
Fraud Risk
Goal setting
Rule of 72
39. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Reconcile
Benefits-received principle
Credit Score/Rating
Progressive tax
40. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Credit union
Credit Card
Mortgage company
Income
41. A measure of the uncertainty of an investment's rate of return; possible losses.
Tenant
Risk
Deductions
Hacking
42. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Nonprofit organization
Morals
Credit Score/Rating
Simple Interest
43. 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.
Lease
Coinsurance
Goal setting
Annuity
44. Payment for the use of someone else's money
Budget
Interest
Probability
Opportunity Cost
45. A non-cash contribution to a charitable organization which can be given a cash value.
Gifts in-kind
Rule of 72
Goal
Copayment
46. 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.
Hacking
Medicare
Credit Report
Lease
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.
Rule of 72
Deductions
Closing Costs
Interest
48. How fast money in savings account or investment grows.
Rate of Return
Morals
Ethics
Expenses
49. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Career
Net income
Simple Interest
Interest
50. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Fixed expenses
Dumpster Diving
Social security
Goal setting