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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. A measure of the uncertainty of an investment's rate of return; possible losses.
Risk
Individual Retirement Account (IRA)
Credit Score/Rating
Goal
2. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Opportunity Cost
Fraud
Identity Theft
Credit union
3. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Consumer Credit Counseling
Hacking
Variable expenses
Morals
4. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Deductions
Premium
Fraud
Credit union
5. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Net income
Benefits-received principle
Rule of 72
Medicare
6. 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
Charitable Giving
Credit Report
Mortgage
7. A measure of the uncertainty of an investment's rate of return; possible losses.
Hacking
Morals
Ethics
Risk
8. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Nonprofit organization
Closing Costs
Hacking
Interest Rate
9. The act of giving to charitable organizations or to those in need.
Charitable Giving
Creditor
Reconcile
Lease
10. A plastic card used to deduct a purchase amount directly from your checking account.
Credit union
Rate of Return
Opportunity Cost
Debit card
11. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Goal setting
Probability
Probability
Interest Rate
12. 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.
Identity Theft
Credit Bureau
Annuity
Career
13. How fast money in savings account or investment grows.
Lease
Variable expenses
Rate of Return
Deductions
14. The value of the second-best alternative that a person gives up when making one choice instead of another.
Benefits-received principle
Income
Career
Opportunity Cost
15. The original amount of money deposited or invested.
Tax Deduction
Probability
Rate of Return
Principal
16. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Premium
Opportunity Cost
Tax Deduction
Principal
17. The value of the second-best alternative that a person gives up when making one choice instead of another.
Opportunity Cost
Consumer Credit Counseling
Saving
Hacking
18. 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
Budget
Gambling
Bankruptcy
19. Someone who knowingly deceives you for their own personal gain.
Fraud
Rate of Return
Lease
Checking account
20. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Social security
Coinsurance
Consumer Credit Counseling
Identity Theft
21. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Saving
Medicare
Rule of 72
Interest
22. An establishment that collects and distributes credit history info. of individuals & business.
Premium
Credit Bureau
Mortgage
Interest Rate
23. Money earned from investments and employment.
Individual Retirement Account (IRA)
Income
Mortgage company
Landlord
24. Wages or salary before deductions for taxes and other purposes.
Gross income
Morals
Credit Bureau
Simple Interest
25. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Tenant
Check
Principal
Copayment
26. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Goal
Mortgage
Variable expenses
Income
27. A set of principles or beliefs that govern an individual's actions.
Individual Retirement Account (IRA)
Ethics
Opportunity Cost
Mortgage company
28. A person or company to whom money is owed.
Tax Deduction
Identity Theft
Creditor
Goal
29. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Credit Card
Variable expenses
Consumer Credit Counseling
Net income
30. 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
Gross income
Mortgage
Lease
31. A person who owns property and rents it to another.
Opportunity Cost
Income
Landlord
Income
32. The chance or likelihood that something will happen.
Morals
Probability
Hacking
Credit
33. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Closing Costs
Fixed expenses
Expenses
Deductions
34. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Savings Accounts
Mortgage
Checking account
Hacking
35. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Nonprofit organization
Morals
Tax Deduction
Probability
36. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Gross income
Landlord
Mortgage company
Copayment
37. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Risk
Saving
Hacking
Deductions
38. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Check
Goal setting
Credit union
Fraud Risk
39. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Interest
Expenses
Rule of 72
Mortgage
40. A person who pays rent; the legal name for a renter.
Tenant
Fraud Risk
Ethics
Probability
41. A long-term loan to buy real estate including land and the structures on it.
Mortgage
Gifts in-kind
Hacking
Creditor
42. Payment for the use of someone else's money
Interest
Identity Theft
Morals
Gambling
43. A legal organization providing services or activities without commercial or monetary gain.
Lease
Morals
Nonprofit organization
Gifts in-kind
44. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Fraud Risk
Mortgage
Credit Card
Debit card
45. 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.
Probability
Consumer Credit Counseling
Social security
Nonprofit organization
46. A person who owns property and rents it to another.
Landlord
Check
Medicare
Principal
47. 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.
Premium
Individual Retirement Account (IRA)
Credit Score/Rating
Mortgage company
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.
Charitable Giving
Checking account
Goal
Income
49. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Individual Retirement Account (IRA)
Hacking
Copayment
Checking account
50. Money earned from investments and employment.
Charitable Giving
Income
Lease
Goal setting