Test your basic knowledge |

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. Costs paid when buying a house or real estate.






2. The fee paid for insurance protection.






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






4. An establishment that collects and distributes credit history info. of individuals & business.






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






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






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






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






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






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






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






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






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






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






15. The fee paid for insurance protection.






16. 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.






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






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






19. The chance or likelihood that something will happen.






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






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






22. Taking risks with personal finances or personal assets






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






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






25. 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.






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






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






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






29. 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.






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






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






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






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






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






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






36. 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.






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






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






39. 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.






40. 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)






41. 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.






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






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






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






45. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends






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






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






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






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






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