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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 account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Interest
Credit
Individual Retirement Account (IRA)
Rate of Return
2. 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
Gifts in-kind
Net income
Tenant
3. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Morals
Opportunity Cost
Goal setting
Fraud Risk
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)
Risk
Premium
Benefits-received principle
Goal
5. 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.
Deductions
Closing Costs
Gifts in-kind
Annuity
6. Payment for the use of someone else's money
Credit Score/Rating
Interest
Career
Fraud
7. A long-term loan to buy real estate including land and the structures on it.
401 k
Individual Retirement Account (IRA)
Interest Rate
Mortgage
8. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Income
Tax Deduction
Budget
Interest
9. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Simple Interest
Goal setting
Rate of Return
Check
10. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Expenses
Copayment
Fixed expenses
Mortgage
11. The fee paid for insurance protection.
Rate of Return
Fixed expenses
Premium
Identity Theft
12. A person who owns property and rents it to another.
Interest
Career
Dumpster Diving
Landlord
13. 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.
Premium
Simple Interest
Credit Report
Charitable Giving
14. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Bankruptcy
Bankruptcy
Gross income
Tax Deduction
15. A person who owns property and rents it to another.
Simple Interest
Credit
Consumer Credit Counseling
Landlord
16. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Goal
Premium
Consumer Credit Counseling
Benefits-received principle
17. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Consumer Credit Counseling
Career
Coinsurance
Reconcile
18. Wages or salary before deductions for taxes and other purposes.
Social security
Credit Score/Rating
Savings Accounts
Gross income
19. 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
Nonprofit organization
Credit Card
Benefits-received principle
20. 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.
Rule of 72
Bankruptcy
Landlord
Mortgage
21. A bank or credit union account that allows withdrawals by writing a check.
Checking account
Rule of 72
Closing Costs
Dumpster Diving
22. 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.
Deductions
Credit Score/Rating
Variable expenses
Income
23. 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.
Fraud
Check
Income
Credit Score/Rating
24. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Net income
Variable expenses
Individual Retirement Account (IRA)
Credit union
25. A set of principles or beliefs that govern an individual's actions.
Rate of Return
Ethics
Landlord
Mortgage
26. A person or company to whom money is owed.
Copayment
Creditor
Charitable Giving
Benefits-received principle
27. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Copayment
Gifts in-kind
Check
Morals
28. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Gifts in-kind
Tenant
Dumpster Diving
Copayment
29. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Medicare
Check
Mortgage company
Progressive tax
30. Payment for the use of someone else's money
Interest
Medicare
Net income
Coinsurance
31. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Mortgage
Landlord
Opportunity Cost
Checking account
32. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Credit
Identity Theft
Mortgage
Debit card
33. A person who pays rent; the legal name for a renter.
Closing Costs
Tenant
Checking account
Tax Deduction
34. A plastic card used to deduct a purchase amount directly from your checking account.
Reconcile
Mortgage
Debit card
Benefits-received principle
35. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Nonprofit organization
Consumer Credit Counseling
Annuity
Mortgage
36. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Hacking
Mortgage
Savings Accounts
Credit union
37. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Morals
Gifts in-kind
Variable expenses
Income
38. A purposeful course of action or purpose in life that generally provides income
Debit card
Career
Ethics
Social security
39. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Variable expenses
Mortgage
Goal setting
Consumer Credit Counseling
40. 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.
Debit card
Career
Annuity
Opportunity Cost
41. Services offered by organizations that help consumers find a way to repay debts through careful budgeting and management of funds.
Check
Simple Interest
Closing Costs
Consumer Credit Counseling
42. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Gifts in-kind
Goal
Rule of 72
Benefits-received principle
43. Wages or salary before deductions for taxes and other purposes.
Net income
Check
Credit union
Gross income
44. An amount of money that the member or insured pays directly to a provider at the time services are rendered.
Copayment
Deductible
Credit Bureau
Income
45. The percentage of the costs of medical services paid by the patient.
Benefits-received principle
Risk
Coinsurance
Income
46. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Simple Interest
Deductible
Gross income
Identity Theft
47. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Consumer Credit Counseling
Credit Card
Individual Retirement Account (IRA)
Risk
48. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Budget
Credit Report
Fixed expenses
Debit card
49. Money earned from investments and employment.
Lease
Probability
Probability
Income
50. A person or company to whom money is owed.
Fixed expenses
Simple Interest
Creditor
Net income