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






2. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.






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






4. The chance that an investment has been misrepresented.






5. 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.






6. Wages or salary before deductions for taxes and other purposes.






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






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






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






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






11. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)






12. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.






13. The chance that an investment has been misrepresented.






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






15. 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.






16. The chance or likelihood that something will happen.






17. The fee paid for insurance protection.






18. 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.






19. The percentage of the costs of medical services paid by the patient.






20. A purposeful course of action or purpose in life that generally provides income






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






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






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






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






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






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






27. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.






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






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






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






31. 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)






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






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






34. Wages or salary before deductions for taxes and other purposes.






35. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.






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






37. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.






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






39. 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.






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






42. 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.






43. The act of giving to charitable organizations or to those in need.






44. The original amount of money deposited or invested.






45. Costs paid when buying a house or real estate.






46. 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.






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






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






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






50. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.