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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. 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
Fixed expenses
Checking account
Debit card
2. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Net income
Debit card
Savings Accounts
Tenant
3. A measure of the uncertainty of an investment's rate of return; possible losses.
Credit Bureau
Bankruptcy
Consumer Credit Counseling
Risk
4. Costs paid when buying a house or real estate.
Tax Deduction
Tenant
Closing Costs
Deductible
5. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Copayment
Credit Report
Fixed expenses
Mortgage
6. The value of the second-best alternative that a person gives up when making one choice instead of another.
Copayment
Opportunity Cost
Morals
Closing Costs
7. 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.
Hacking
Credit Card
Social security
Simple Interest
8. 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.
Career
Hacking
Annuity
401 k
9. 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
Variable expenses
Reconcile
Progressive tax
10. The fee paid for insurance protection.
Premium
Copayment
Risk
Income
11. Wages or salary before deductions for taxes and other purposes.
Gross income
Simple Interest
Identity Theft
Social security
12. A measure of the uncertainty of an investment's rate of return; possible losses.
Net income
Consumer Credit Counseling
Risk
Income
13. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Mortgage
Fraud Risk
Morals
Gross income
14. Money earned from investments and employment.
Debit card
Income
Fraud
Probability
15. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Career
Copayment
Credit Card
Hacking
16. Costs paid when buying a house or real estate.
Hacking
Benefits-received principle
Ethics
Closing Costs
17. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Interest Rate
Ethics
Landlord
Deductible
18. Wages or salary before deductions for taxes and other purposes.
Gross income
Deductible
Closing Costs
Savings Accounts
19. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Morals
Tax Deduction
Income
Saving
20. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Variable expenses
Probability
Social security
Credit union
21. A company that makes loans for the purchase of a house or other real estate.
Mortgage company
Premium
Goal setting
Credit Score/Rating
22. A person or company to whom money is owed.
Progressive tax
Identity Theft
Creditor
Credit union
23. A bank or credit union account that allows withdrawals by writing a check.
Expenses
Copayment
Checking account
Tax Deduction
24. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Hacking
Check
Individual Retirement Account (IRA)
Gross income
25. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Premium
Credit Card
Interest Rate
Consumer Credit Counseling
26. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Copayment
Checking account
Interest Rate
Interest
27. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Mortgage company
Hacking
Copayment
Net income
28. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Mortgage
Dumpster Diving
Opportunity Cost
Tenant
29. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Lease
Ethics
Reconcile
Goal
30. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Rule of 72
Dumpster Diving
Mortgage
Goal setting
31. Money earned from investments and employment.
Credit Card
Ethics
Income
Medicare
32. 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.
Bankruptcy
Credit Score/Rating
Landlord
Credit union
33. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Rule of 72
Copayment
Net income
Budget
34. Anything subtracted from your gross income.
Deductions
Income
Opportunity Cost
401 k
35. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Net income
Individual Retirement Account (IRA)
Rate of Return
Career
36. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Closing Costs
Tax Deduction
Check
Rule of 72
37. 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.
Coinsurance
401 k
Annuity
Reconcile
38. The chance or likelihood that something will happen.
Identity Theft
Charitable Giving
Lease
Probability
39. The percentage of the costs of medical services paid by the patient.
Coinsurance
Deductible
Credit Report
Gifts in-kind
40. Payment for the use of someone else's money
Mortgage company
Credit Card
Interest
Fixed expenses
41. Taking risks with personal finances or personal assets
Budget
Deductions
Gambling
Goal
42. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
401 k
Goal setting
Credit Score/Rating
Bankruptcy
43. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Net income
Progressive tax
Hacking
Reconcile
44. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Dumpster Diving
Goal
Rule of 72
Income
45. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Credit Report
Progressive tax
Credit Score/Rating
Bankruptcy
46. The chance or likelihood that something will happen.
Interest
Mortgage company
Social security
Probability
47. A non-cash contribution to a charitable organization which can be given a cash value.
Gifts in-kind
Consumer Credit Counseling
Copayment
Opportunity Cost
48. 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
Identity Theft
Hacking
Rule of 72
49. A plastic card used to deduct a purchase amount directly from your checking account.
Reconcile
Copayment
Simple Interest
Debit card
50. The act of giving to charitable organizations or to those in need.
Creditor
Creditor
Income
Charitable Giving