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






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






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






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






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






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






7. 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.






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






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






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






11. 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.






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






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






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






15. The chance that an investment has been misrepresented.






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






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






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






19. 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.






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






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






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






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






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






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






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






27. How fast money in savings account or investment grows.






28. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.






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






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






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






32. 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.






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






34. Anything subtracted from your gross income.






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






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






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






38. 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.






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






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






41. Taking risks with personal finances or personal assets






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






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






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






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






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






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






48. 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.






49. The chance or likelihood that something will happen.






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