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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 person who pays rent; the legal name for a renter.
Tenant
Lease
Progressive tax
Deductions
2. A non-cash contribution to a charitable organization which can be given a cash value.
Annuity
Gifts in-kind
Consumer Credit Counseling
Ethics
3. A company that makes loans for the purchase of a house or other real estate.
Mortgage company
Nonprofit organization
Income
Principal
4. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Goal setting
Hacking
Rate of Return
Charitable Giving
5. Money earned from investments and employment.
Savings Accounts
Income
Bankruptcy
Tenant
6. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Mortgage company
Credit Report
Fraud
Expenses
7. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Probability
Nonprofit organization
Expenses
Creditor
8. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Fraud Risk
Reconcile
Deductible
Debit card
9. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Identity Theft
Risk
Credit union
Hacking
10. Anything subtracted from your gross income.
Coinsurance
Lease
Simple Interest
Deductions
11. The chance or likelihood that something will happen.
Nonprofit organization
Deductions
Probability
Ethics
12. 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)
Progressive tax
Reconcile
Mortgage company
Rule of 72
13. Taking risks with personal finances or personal assets
Dumpster Diving
Reconcile
Lease
Gambling
14. Payment for the use of someone else's money
Creditor
Closing Costs
Dumpster Diving
Interest
15. Dollar amount or percentage of a loss that is not insured & as specified in an insurance policy.
Copayment
Saving
Nonprofit organization
Deductible
16. A legal organization providing services or activities without commercial or monetary gain.
Expenses
Debit card
Mortgage
Nonprofit organization
17. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Tenant
Check
Credit Card
Dumpster Diving
18. The percentage of the costs of medical services paid by the patient.
Deductible
Interest Rate
Hacking
Coinsurance
19. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Mortgage company
Career
Bankruptcy
Dumpster Diving
20. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Fraud
Opportunity Cost
Checking account
Individual Retirement Account (IRA)
21. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Check
Interest Rate
Mortgage
Opportunity Cost
22. A long-term loan to buy real estate including land and the structures on it.
Closing Costs
Hacking
Gross income
Mortgage
23. A non-cash contribution to a charitable organization which can be given a cash value.
Gifts in-kind
Saving
Goal
Bankruptcy
24. A person or company to whom money is owed.
Budget
Benefits-received principle
Creditor
401 k
25. Money earned from investments and employment.
Mortgage
Credit Bureau
Income
Reconcile
26. A person or company to whom money is owed.
Creditor
Fixed expenses
Fraud
Ethics
27. 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.
Premium
Social security
Gross income
Fixed expenses
28. A purposeful course of action or purpose in life that generally provides income
Career
Probability
Debit card
Fraud Risk
29. A person who owns property and rents it to another.
Fraud Risk
Goal setting
Landlord
Nonprofit organization
30. The percentage of the costs of medical services paid by the patient.
Coinsurance
Goal setting
Net income
Progressive tax
31. An establishment that collects and distributes credit history info. of individuals & business.
Credit Bureau
Dumpster Diving
Social security
Expenses
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.
Career
Social security
Lease
Annuity
33. Costs paid when buying a house or real estate.
Fraud Risk
Deductible
Fixed expenses
Closing Costs
34. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Budget
Interest Rate
Opportunity Cost
Saving
35. The fee paid for insurance protection.
Career
Interest
Premium
Income
36. The fee paid for insurance protection.
Debit card
Premium
401 k
Charitable Giving
37. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Gambling
Check
Deductible
Creditor
38. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Rate of Return
Reconcile
Simple Interest
Budget
39. An establishment that collects and distributes credit history info. of individuals & business.
Interest
Mortgage company
Fraud
Credit Bureau
40. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Budget
Income
Savings Accounts
Credit Bureau
41. 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.
Social security
Interest Rate
401 k
Check
42. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Tenant
Premium
Checking account
Check
43. 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.
Probability
Medicare
Lease
Mortgage
44. A plastic card used to deduct a purchase amount directly from your checking account.
Dumpster Diving
Credit union
Mortgage
Debit card
45. 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)
Bankruptcy
Progressive tax
Interest
Tenant
46. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Ethics
Savings Accounts
Progressive tax
Bankruptcy
47. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Consumer Credit Counseling
Copayment
Gross income
Hacking
48. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Individual Retirement Account (IRA)
Variable expenses
Social security
Reconcile
49. Costs paid when buying a house or real estate.
Fraud
Closing Costs
Saving
Credit Bureau
50. The original amount of money deposited or invested.
Expenses
Principal
Closing Costs
Bankruptcy