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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 state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Bankruptcy
Fixed expenses
Debit card
Lease
2. 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.
Credit
Opportunity Cost
Medicare
Goal
3. 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.
Social security
Saving
Lease
Hacking
4. A long-term loan to buy real estate including land and the structures on it.
Fraud Risk
Gross income
Mortgage
Career
5. A purposeful course of action or purpose in life that generally provides income
Rate of Return
Career
Benefits-received principle
Closing Costs
6. 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
Saving
Income
Deductible
7. 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.
Nonprofit organization
Credit Score/Rating
Career
Tenant
8. A bank or credit union account that allows withdrawals by writing a check.
Medicare
Checking account
Nonprofit organization
Gambling
9. 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.
Interest
Expenses
Income
Budget
10. How fast money in savings account or investment grows.
Rate of Return
Credit Bureau
Credit Score/Rating
Risk
11. The original amount of money deposited or invested.
Interest
Savings Accounts
Check
Principal
12. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Medicare
Credit
Net income
Goal setting
13. Taking risks with personal finances or personal assets
Mortgage
Gambling
Interest Rate
Savings Accounts
14. 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.
Fraud Risk
Lease
Variable expenses
Hacking
15. 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.
Social security
Credit Report
Check
Rule of 72
16. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Net income
Expenses
Copayment
Checking account
17. 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.
Goal setting
Credit Card
Social security
Creditor
18. A person or company to whom money is owed.
Probability
Budget
Expenses
Creditor
19. A person who owns property and rents it to another.
Landlord
Lease
Benefits-received principle
Career
20. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Dumpster Diving
Net income
Credit
Creditor
21. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Credit union
Fixed expenses
Budget
Variable expenses
22. A non-cash contribution to a charitable organization which can be given a cash value.
Credit Report
Morals
Rule of 72
Gifts in-kind
23. Costs paid when buying a house or real estate.
Interest Rate
Lease
Closing Costs
Interest
24. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Consumer Credit Counseling
Landlord
Interest Rate
Identity Theft
25. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Rate of Return
Income
Career
Benefits-received principle
26. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Mortgage company
Fraud
Coinsurance
Hacking
27. The chance or likelihood that something will happen.
Probability
Tenant
Credit Bureau
Ethics
28. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Nonprofit organization
Budget
Closing Costs
Copayment
29. A measure of the uncertainty of an investment's rate of return; possible losses.
Charitable Giving
Risk
Benefits-received principle
Creditor
30. A company that makes loans for the purchase of a house or other real estate.
Savings Accounts
Mortgage company
Copayment
Social security
31. 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.
Tenant
Gross income
Creditor
Credit Score/Rating
32. Wages or salary before deductions for taxes and other purposes.
Gross income
Check
Fraud
Consumer Credit Counseling
33. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Creditor
Credit
Simple Interest
Landlord
34. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Social security
Saving
Landlord
Benefits-received principle
35. The act of giving to charitable organizations or to those in need.
Charitable Giving
Net income
Benefits-received principle
Tax Deduction
36. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Hacking
Credit Bureau
Deductions
Deductible
37. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Goal setting
Deductible
Mortgage
401 k
38. Costs paid when buying a house or real estate.
Variable expenses
Rate of Return
Net income
Closing Costs
39. 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)
Lease
Tenant
Variable expenses
Progressive tax
40. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Principal
Creditor
Career
Tax Deduction
41. A plastic card used to deduct a purchase amount directly from your checking account.
Mortgage company
Consumer Credit Counseling
Budget
Debit card
42. A bank or credit union account that allows withdrawals by writing a check.
Savings Accounts
Landlord
Checking account
Mortgage company
43. A person who pays rent; the legal name for a renter.
Tenant
Fixed expenses
Gambling
Variable expenses
44. 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
Career
Progressive tax
Individual Retirement Account (IRA)
45. 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
Reconcile
Principal
Credit Report
46. The percentage of the costs of medical services paid by the patient.
Coinsurance
Social security
Gifts in-kind
Opportunity Cost
47. Taking risks with personal finances or personal assets
Goal
Gambling
Fraud Risk
Ethics
48. 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.
Net income
401 k
Progressive tax
Credit Report
49. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Debit card
Medicare
Simple Interest
Gifts in-kind
50. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Morals
Landlord
Tax Deduction
Consumer Credit Counseling