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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 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.
Check
Bankruptcy
Rule of 72
Reconcile
2. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Goal setting
401 k
Interest Rate
Credit Card
3. 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
Charitable Giving
Credit Bureau
Hacking
4. 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.
Fraud
Coinsurance
Credit
Credit union
5. 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.
Credit Report
Probability
Mortgage
Opportunity Cost
6. How fast money in savings account or investment grows.
Charitable Giving
Rate of Return
Check
Income
7. Costs paid when buying a house or real estate.
Check
Checking account
Simple Interest
Closing Costs
8. The fee paid for insurance protection.
Savings Accounts
Premium
Fraud Risk
Risk
9. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Gambling
Social security
Medicare
Mortgage company
10. A set of principles or beliefs that govern an individual's actions.
Copayment
Ethics
Premium
Saving
11. 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.
Budget
Identity Theft
Reconcile
Probability
12. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Income
Interest Rate
Individual Retirement Account (IRA)
Gambling
13. The original amount of money deposited or invested.
Ethics
Principal
Tax Deduction
Career
14. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
401 k
Morals
Annuity
Gambling
15. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Hacking
Mortgage company
Variable expenses
Mortgage
16. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Credit Card
401 k
Credit Bureau
Expenses
17. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Mortgage company
Interest Rate
Credit union
Savings Accounts
18. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Consumer Credit Counseling
Credit Card
Lease
Credit union
19. 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
Principal
Gambling
Net income
20. A person who owns property and rents it to another.
Landlord
Premium
Simple Interest
Career
21. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Morals
Fixed expenses
Income
Landlord
22. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Charitable Giving
Deductible
Progressive tax
Copayment
23. 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.
Mortgage company
Deductible
401 k
Expenses
24. The value of the second-best alternative that a person gives up when making one choice instead of another.
Closing Costs
Saving
Bankruptcy
Opportunity Cost
25. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Social security
Closing Costs
Individual Retirement Account (IRA)
Tax Deduction
26. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Benefits-received principle
Identity Theft
Credit Report
Expenses
27. A bank or credit union account that allows withdrawals by writing a check.
Ethics
Copayment
Budget
Checking account
28. The chance or likelihood that something will happen.
Probability
Fraud Risk
Career
Morals
29. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Risk
Opportunity Cost
Fixed expenses
Deductible
30. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Debit card
Goal setting
Credit
Opportunity Cost
31. The fee paid for insurance protection.
Medicare
Credit Bureau
Credit Report
Premium
32. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Credit
Identity Theft
Social security
Deductions
33. Someone who knowingly deceives you for their own personal gain.
Fraud
Closing Costs
Mortgage
Copayment
34. A purposeful course of action or purpose in life that generally provides income
Career
Goal setting
Savings Accounts
Credit union
35. An establishment that collects and distributes credit history info. of individuals & business.
Checking account
Credit Report
Credit Bureau
Mortgage company
36. 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.
Gross income
Mortgage
Credit Score/Rating
Income
37. A company that makes loans for the purchase of a house or other real estate.
Credit union
Mortgage company
Rule of 72
Check
38. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Fraud
Benefits-received principle
Mortgage
Rule of 72
39. 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.
Gambling
Annuity
Goal setting
Credit Report
40. Anything subtracted from your gross income.
Opportunity Cost
Career
Deductions
Ethics
41. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Income
Gross income
Consumer Credit Counseling
Tenant
42. A measure of the uncertainty of an investment's rate of return; possible losses.
Premium
Risk
Opportunity Cost
Net income
43. Costs paid when buying a house or real estate.
Credit Report
Goal
Closing Costs
Gifts in-kind
44. 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.
Hacking
Saving
Medicare
Budget
45. A set of principles or beliefs that govern an individual's actions.
Interest
Interest
Ethics
Credit Score/Rating
46. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Goal setting
Rule of 72
Risk
Savings Accounts
47. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Tax Deduction
Progressive tax
Interest
Career
48. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Career
Interest Rate
Ethics
Morals
49. A non-cash contribution to a charitable organization which can be given a cash value.
Gifts in-kind
Mortgage
Saving
Ethics
50. 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 Score/Rating
Annuity
Ethics
Credit union