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Test your basic knowledge |
Financial Literacy Vocab
Start Test
Study First
Subjects
:
literacy
,
personal-finance
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 plan for managing money & dividing up expected income and expenses among spending and saving options based on personal goals during a given time period.
Creditor
Budget
Lease
Tenant
2. The percentage of the costs of medical services paid by the patient.
Annuity
Coinsurance
Goal setting
Copayment
3. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Check
Deductible
Net income
Mortgage company
4. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Deductions
Checking account
Benefits-received principle
Credit Card
5. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Principal
Reconcile
Mortgage
Benefits-received principle
6. Anything subtracted from your gross income.
401 k
Lease
Deductions
Mortgage
7. Someone who knowingly deceives you for their own personal gain.
Deductions
Consumer Credit Counseling
Principal
Fraud
8. 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.
Goal
Mortgage
Annuity
Reconcile
9. A measure of the uncertainty of an investment's rate of return; possible losses.
Gifts in-kind
Risk
Credit
Rate of Return
10. Taking risks with personal finances or personal assets
Gambling
Coinsurance
Interest Rate
Budget
11. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Nonprofit organization
Mortgage
Coinsurance
Morals
12. The original amount of money deposited or invested.
Morals
Individual Retirement Account (IRA)
Career
Principal
13. The original amount of money deposited or invested.
Goal
Mortgage
401 k
Principal
14. 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.
Ethics
Nonprofit organization
Fixed expenses
Rule of 72
15. The act of giving to charitable organizations or to those in need.
Deductions
Landlord
Charitable Giving
Morals
16. A person or company to whom money is owed.
Creditor
Progressive tax
Mortgage company
Interest Rate
17. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Tenant
Budget
Landlord
Deductible
18. 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.
Interest
Goal setting
401 k
Checking account
19. 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
Closing Costs
401 k
Checking account
20. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Savings Accounts
Reconcile
Progressive tax
Copayment
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.
Credit
Mortgage
Income
Budget
22. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Progressive tax
Landlord
Saving
Risk
23. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Check
Debit card
Simple Interest
Medicare
24. A non-cash contribution to a charitable organization which can be given a cash value.
Fraud
Charitable Giving
Gifts in-kind
Hacking
25. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Social security
Savings Accounts
Interest Rate
Expenses
26. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Credit Card
Lease
Coinsurance
Identity Theft
27. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Lease
Consumer Credit Counseling
Rate of Return
Identity Theft
28. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Credit union
Tax Deduction
Benefits-received principle
Career
29. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Expenses
Dumpster Diving
401 k
Variable expenses
30. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Hacking
Landlord
Expenses
Income
31. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Variable expenses
Annuity
Income
Credit Bureau
32. A set of principles or beliefs that govern an individual's actions.
Credit Score/Rating
Mortgage
Tenant
Ethics
33. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Interest Rate
Simple Interest
Deductions
Charitable Giving
34. 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
Goal setting
Budget
Savings Accounts
35. The percentage of the costs of medical services paid by the patient.
Opportunity Cost
Simple Interest
Coinsurance
Tenant
36. 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.
Credit Report
Mortgage
Deductible
Saving
37. 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.
Lease
Tenant
Fixed expenses
Individual Retirement Account (IRA)
38. A long-term loan to buy real estate including land and the structures on it.
Tax Deduction
Mortgage
Tenant
401 k
39. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Budget
Risk
Goal
Hacking
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)
Mortgage
Progressive tax
Identity Theft
Gifts in-kind
41. 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.
Mortgage
Rule of 72
Career
Progressive tax
42. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Simple Interest
Closing Costs
Mortgage company
Mortgage
43. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Budget
Income
Goal
Credit
44. Costs paid when buying a house or real estate.
Check
Closing Costs
Tenant
Credit Score/Rating
45. Money earned from investments and employment.
Interest Rate
Income
Copayment
Dumpster Diving
46. A person who pays rent; the legal name for a renter.
Mortgage
Gifts in-kind
Tenant
Lease
47. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Deductions
Probability
Check
Net income
48. A bank or credit union account that allows withdrawals by writing a check.
Credit union
Bankruptcy
Checking account
Goal setting
49. Wages or salary before deductions for taxes and other purposes.
Gross income
Credit Score/Rating
Fixed expenses
401 k
50. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Fraud Risk
Consumer Credit Counseling
Variable expenses
Fixed expenses