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






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. 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.






4. Money earned from investments and employment.






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






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






7. Taking risks with personal finances or personal assets






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






9. 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.






10. 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.






11. Payment for the use of someone else's money






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






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






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






15. Taking risks with personal finances or personal assets






16. 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.






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






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






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






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






21. 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.






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






23. The value of the second-best alternative that a person gives up when making one choice instead of another.






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






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






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






27. The fee paid for insurance protection.






28. 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.






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






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






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






32. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.






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






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






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






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






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






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






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






40. The original amount of money deposited or invested.






41. The fee paid for insurance protection.






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






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






44. A legal organization providing services or activities without commercial or monetary gain.






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






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






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






48. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.






49. Anything subtracted from your gross income.






50. The chance that an investment has been misrepresented.







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