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. A company that makes loans for the purchase of a house or other real estate.
Mortgage company
Mortgage
Variable expenses
Fraud Risk
2. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Debit card
Expenses
Identity Theft
Savings Accounts
3. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Mortgage
Copayment
Credit Score/Rating
Rule of 72
4. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Bankruptcy
Copayment
Goal
Individual Retirement Account (IRA)
5. Wages or salary before deductions for taxes and other purposes.
Gross income
Income
Benefits-received principle
Saving
6. A tax that takes a larger percentage of income from people in higher-income groups than from people in lower-income ones; (Example - U.S. federal income tax)
Income
Interest Rate
Progressive tax
Fixed expenses
7. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Credit Report
Credit Card
Expenses
Individual Retirement Account (IRA)
8. The original amount of money deposited or invested.
Principal
Charitable Giving
Credit Card
Credit union
9. 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.
Gambling
Credit Report
Fixed expenses
Dumpster Diving
10. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Goal
Copayment
Annuity
Deductions
11. The chance or likelihood that something will happen.
Copayment
Career
Probability
Landlord
12. The act of giving to charitable organizations or to those in need.
Career
Charitable Giving
Interest
Check
13. A measure of the uncertainty of an investment's rate of return; possible losses.
Check
Medicare
Risk
Interest
14. 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
Deductions
Simple Interest
Credit Card
15. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Consumer Credit Counseling
Debit card
Fraud Risk
Hacking
16. 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
Progressive tax
Probability
Opportunity Cost
17. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Identity Theft
Morals
Charitable Giving
Rule of 72
18. A person who owns property and rents it to another.
Risk
Fraud Risk
Landlord
Probability
19. A plastic card used to deduct a purchase amount directly from your checking account.
Gambling
Identity Theft
Debit card
Premium
20. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Gross income
Goal
Individual Retirement Account (IRA)
Deductible
21. A plastic card used to deduct a purchase amount directly from your checking account.
Debit card
Opportunity Cost
Savings Accounts
Consumer Credit Counseling
22. A purposeful course of action or purpose in life that generally provides income
Identity Theft
Gambling
Goal
Career
23. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Tenant
Fraud Risk
Lease
Dumpster Diving
24. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Goal setting
Opportunity Cost
Coinsurance
Expenses
25. A company that makes loans for the purchase of a house or other real estate.
Dumpster Diving
Mortgage company
Simple Interest
Fraud
26. An establishment that collects and distributes credit history info. of individuals & business.
Landlord
Gross income
Charitable Giving
Credit Bureau
27. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Coinsurance
Progressive tax
Dumpster Diving
Fixed expenses
28. A bank or credit union account that allows withdrawals by writing a check.
Checking account
Tax Deduction
Check
Rate of Return
29. A tax that takes a larger percentage of income from people in higher-income groups than from people in lower-income ones; (Example - U.S. federal income tax)
Progressive tax
Lease
Consumer Credit Counseling
Tax Deduction
30. 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.
Credit Score/Rating
Savings Accounts
Interest
Annuity
31. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Consumer Credit Counseling
Morals
Credit Card
Risk
32. The value of the second-best alternative that a person gives up when making one choice instead of another.
Landlord
Medicare
Fraud Risk
Opportunity Cost
33. The value of the second-best alternative that a person gives up when making one choice instead of another.
Opportunity Cost
Benefits-received principle
Simple Interest
Mortgage
34. 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.
Career
Gross income
Landlord
Annuity
35. The chance or likelihood that something will happen.
Probability
Benefits-received principle
Credit Bureau
Creditor
36. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Probability
Net income
Fixed expenses
Medicare
37. A person who pays rent; the legal name for a renter.
Credit Card
Tenant
Individual Retirement Account (IRA)
Risk
38. 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
Coinsurance
Check
Gross income
39. A person who owns property and rents it to another.
Identity Theft
Tenant
Gross income
Landlord
40. 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.
Lease
Mortgage
401 k
Social security
41. Taking risks with personal finances or personal assets
Fraud
Gambling
Hacking
Bankruptcy
42. Money earned from investments and employment.
Income
Social security
Social security
Interest Rate
43. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Check
Social security
Morals
Variable expenses
44. 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.
Mortgage
Copayment
Rule of 72
Hacking
45. The original amount of money deposited or invested.
Premium
Income
Principal
Rate of Return
46. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Consumer Credit Counseling
Tax Deduction
Checking account
Deductions
47. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Charitable Giving
Deductible
Career
Reconcile
48. A bank or credit union account that allows withdrawals by writing a check.
Charitable Giving
Checking account
Identity Theft
Coinsurance
49. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Income
Credit Score/Rating
Tax Deduction
Credit Score/Rating
50. Someone who knowingly deceives you for their own personal gain.
Opportunity Cost
Fixed expenses
Fraud
Rule of 72