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Test your basic knowledge |
Financial Literacy Vocab
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Subjects
:
literacy
,
personal-finance
Instructions:
Answer 50 questions in 15 minutes.
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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 plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Tenant
Credit Card
Medicare
Annuity
2. An establishment that collects and distributes credit history info. of individuals & business.
Credit Bureau
Career
Nonprofit organization
Mortgage
3. An establishment that collects and distributes credit history info. of individuals & business.
Income
Simple Interest
Medicare
Credit Bureau
4. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Coinsurance
Mortgage
Risk
Goal setting
5. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Rate of Return
Deductible
Reconcile
Gifts in-kind
6. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Fraud Risk
Debit card
Mortgage
Expenses
7. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Mortgage
Individual Retirement Account (IRA)
Simple Interest
Savings Accounts
8. Costs paid when buying a house or real estate.
Closing Costs
Social security
Medicare
Medicare
9. The chance or likelihood that something will happen.
Nonprofit organization
Expenses
Medicare
Probability
10. Someone who knowingly deceives you for their own personal gain.
Bankruptcy
Fraud
Ethics
Credit union
11. 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.
Goal setting
Dumpster Diving
Credit
Interest
12. A purposeful course of action or purpose in life that generally provides income
Career
Variable expenses
Interest Rate
Fraud Risk
13. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Credit
Consumer Credit Counseling
Principal
Medicare
14. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Credit Report
Hacking
Check
Savings Accounts
15. A person who owns property and rents it to another.
Landlord
Expenses
Debit card
Ethics
16. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Mortgage
Ethics
Check
Identity Theft
17. 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.
Annuity
Fraud Risk
Coinsurance
Closing Costs
18. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Bankruptcy
Credit Card
Variable expenses
Tax Deduction
19. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Progressive tax
Social security
Savings Accounts
Budget
20. The fee paid for insurance protection.
Bankruptcy
Premium
Simple Interest
Credit Bureau
21. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Goal
Opportunity Cost
Risk
Goal setting
22. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Mortgage
Income
Opportunity Cost
Tax Deduction
23. 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
Credit Report
Mortgage
Tenant
24. A measure of the uncertainty of an investment's rate of return; possible losses.
Interest
Rate of Return
Risk
Checking account
25. Taking risks with personal finances or personal assets
Morals
Check
Gambling
Benefits-received principle
26. The chance that an investment has been misrepresented.
Fraud Risk
Medicare
Copayment
Identity Theft
27. 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)
Credit
Progressive tax
Saving
Interest Rate
28. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Creditor
Credit
Credit Card
Simple Interest
29. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Reconcile
Annuity
Goal setting
Progressive tax
30. A long-term loan to buy real estate including land and the structures on it.
Individual Retirement Account (IRA)
Credit Bureau
Mortgage
Opportunity Cost
31. The percentage of the costs of medical services paid by the patient.
Career
Coinsurance
Morals
Social security
32. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Savings Accounts
Benefits-received principle
Mortgage company
Tax Deduction
33. A plastic card used to deduct a purchase amount directly from your checking account.
Medicare
Debit card
Risk
Benefits-received principle
34. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Income
Credit
Credit Bureau
Gambling
35. 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.
Coinsurance
Premium
Lease
Principal
36. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Saving
Credit union
Principal
Benefits-received principle
37. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Morals
401 k
Interest Rate
Gross income
38. Costs paid when buying a house or real estate.
Interest Rate
Deductible
Simple Interest
Closing Costs
39. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Creditor
Gross income
Annuity
Check
40. 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.
401 k
Bankruptcy
Nonprofit organization
Creditor
41. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Saving
Ethics
Rule of 72
Deductions
42. A legal organization providing services or activities without commercial or monetary gain.
Dumpster Diving
Mortgage company
Nonprofit organization
Gross income
43. A person or company to whom money is owed.
Creditor
Simple Interest
Individual Retirement Account (IRA)
Expenses
44. A measure of the uncertainty of an investment's rate of return; possible losses.
Income
Morals
Benefits-received principle
Risk
45. Money earned from investments and employment.
Dumpster Diving
Career
Individual Retirement Account (IRA)
Income
46. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Credit
Mortgage
Deductible
Lease
47. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
401 k
Benefits-received principle
Career
Deductions
48. The percentage of the costs of medical services paid by the patient.
Coinsurance
Budget
Copayment
Bankruptcy
49. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Hacking
Credit Bureau
Gross income
Savings Accounts
50. 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.
Deductible
Rule of 72
Consumer Credit Counseling
Individual Retirement Account (IRA)
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