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






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






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






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






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






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






7. 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.






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






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






10. 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)






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






12. A plastic card used to deduct a purchase amount directly from your checking account.






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






14. A non-cash contribution to a charitable organization which can be given a cash value.






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






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






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






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






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






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






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






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






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






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






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






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






27. A long-term loan to buy real estate including land and the structures on it.






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






29. The fee paid for insurance protection.






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.






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






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






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






34. A person who pays rent; the legal name for a renter.






35. 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.






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






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






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






39. The chance or likelihood that something will happen.






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






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






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






43. Someone who rummages through your trash looking for bills or other paper with your personal information on it.






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






45. Costs paid when buying a house or real estate.






46. 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.






47. 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.






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






49. 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.






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