Test your basic knowledge |

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. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.






2. The fee paid for insurance protection.






3. Taking risks with personal finances or personal assets






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






5. Taking risks with personal finances or personal assets






6. A bank or credit union account that allows withdrawals by writing a check.






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






8. The act of giving to charitable organizations or to those in need.






9. A plastic card used to deduct a purchase amount directly from your checking account.






10. A set of principles or beliefs that govern an individual's actions.






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






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






13. A set of principles or beliefs that govern an individual's actions.






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






15. The original amount of money deposited or invested.






16. 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.






17. Someone who knowingly deceives you for their own personal gain.






18. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).






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






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






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






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






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






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






25. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends






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






27. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).






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






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






30. The act of giving to charitable organizations or to those in need.






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






32. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.






33. Wages or salary before deductions for taxes and other purposes.






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






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






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






37. 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.






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






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






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






41. How fast money in savings account or investment grows.






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






43. 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.






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






45. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.






46. 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.






47. Someone who knowingly deceives you for their own personal gain.






48. 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.






49. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.






50. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.