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






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






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






4. Money earned from investments and employment.






5. The chance or likelihood that something will happen.






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






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






8. 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.






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






10. Using a person's name or personal information without the person's permission to steal money or get other benefit.






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






12. A company that makes loans for the purchase of a house or other real estate.






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






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






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






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






17. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.






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






19. A company that makes loans for the purchase of a house or other real estate.






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






21. A person who owns property and rents it to another.






22. 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.






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






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






25. Anything subtracted from your gross income.






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






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






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






29. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.






30. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.






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






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






33. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.






34. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)






35. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.






36. 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.






37. The fee paid for insurance protection.






38. 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)






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






40. 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.






41. The fee paid for insurance protection.






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






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






44. Taking risks with personal finances or personal assets






45. 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.






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






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






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






49. A purposeful course of action or purpose in life that generally provides income






50. The chance or likelihood that something will happen.