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. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Savings Accounts
Fraud
Dumpster Diving
Annuity
2. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Saving
Reconcile
Medicare
Credit union
3. The act of giving to charitable organizations or to those in need.
Rate of Return
Principal
Budget
Charitable Giving
4. 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.
Ethics
Social security
Rate of Return
Check
5. A person who owns property and rents it to another.
Credit
Variable expenses
Landlord
Fraud
6. 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
Closing Costs
Landlord
Interest
7. 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.
Credit Card
Interest Rate
Credit union
Lease
8. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Lease
Consumer Credit Counseling
Variable expenses
Progressive tax
9. The fee paid for insurance protection.
Annuity
Deductions
Checking account
Premium
10. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Interest
Landlord
Premium
Savings Accounts
11. The chance that an investment has been misrepresented.
Progressive tax
Copayment
Expenses
Fraud Risk
12. 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.
Expenses
Credit Card
Credit Score/Rating
Morals
13. Anything subtracted from your gross income.
Mortgage
Budget
Savings Accounts
Deductions
14. 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.
Benefits-received principle
Credit
Debit card
Premium
15. Taking risks with personal finances or personal assets
Checking account
Gambling
Savings Accounts
Progressive tax
16. Costs paid when buying a house or real estate.
Fixed expenses
Closing Costs
Consumer Credit Counseling
Mortgage
17. Money earned from investments and employment.
Interest
Income
Checking account
Closing Costs
18. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Credit union
401 k
Income
Dumpster Diving
19. 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
Annuity
401 k
20. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Morals
Mortgage
Credit union
Annuity
21. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Credit Bureau
Rule of 72
Mortgage
Credit union
22. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Fraud
Checking account
Check
Gambling
23. 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
Expenses
Credit Card
Interest
24. A long-term loan to buy real estate including land and the structures on it.
Fraud
Deductible
Mortgage
Credit Report
25. A person who owns property and rents it to another.
Gifts in-kind
Risk
Landlord
Mortgage
26. A plastic card used to deduct a purchase amount directly from your checking account.
Interest Rate
Closing Costs
Fraud
Debit card
27. The act of giving to charitable organizations or to those in need.
Charitable Giving
Consumer Credit Counseling
Credit Card
Tenant
28. The original amount of money deposited or invested.
Debit card
Principal
Interest
Budget
29. The percentage of the costs of medical services paid by the patient.
Rate of Return
Coinsurance
Goal setting
Copayment
30. 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.
Checking account
Fraud
Credit Report
Deductions
31. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Tax Deduction
Saving
Bankruptcy
Goal
32. A set of principles or beliefs that govern an individual's actions.
Ethics
Closing Costs
Credit Bureau
Landlord
33. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Goal
Simple Interest
Coinsurance
Opportunity Cost
34. The chance or likelihood that something will happen.
Goal setting
Nonprofit organization
Hacking
Probability
35. 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.
Savings Accounts
Rule of 72
Credit Bureau
Medicare
36. Wages or salary before deductions for taxes and other purposes.
Fixed expenses
Risk
Consumer Credit Counseling
Gross income
37. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Credit Score/Rating
Charitable Giving
Creditor
Simple Interest
38. The fee paid for insurance protection.
Dumpster Diving
Debit card
Individual Retirement Account (IRA)
Premium
39. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Goal
Social security
Medicare
Morals
40. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Deductions
Goal
Opportunity Cost
Medicare
41. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Net income
Goal setting
Creditor
Budget
42. 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.
Rate of Return
Social security
Gross income
Probability
43. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Interest
Morals
Identity Theft
Tenant
44. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Income
Coinsurance
Interest Rate
Credit Card
45. 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
Check
Credit
Deductible
46. A legal organization providing services or activities without commercial or monetary gain.
Nonprofit organization
Charitable Giving
Principal
401 k
47. Payment for the use of someone else's money
Income
Gambling
Interest
Copayment
48. 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.
Credit Report
Credit
Career
Goal
49. Wages or salary before deductions for taxes and other purposes.
Hacking
Fixed expenses
Gross income
Gifts in-kind
50. A long-term loan to buy real estate including land and the structures on it.
Mortgage
Mortgage company
Gambling
Fixed expenses