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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 plastic card used to deduct a purchase amount directly from your checking account.
Ethics
Medicare
Debit card
Interest
2. Taking risks with personal finances or personal assets
Gambling
Closing Costs
Mortgage company
Credit Card
3. An establishment that collects and distributes credit history info. of individuals & business.
Simple Interest
Credit Bureau
Mortgage company
Charitable Giving
4. An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement.
Individual Retirement Account (IRA)
Variable expenses
Gifts in-kind
Goal
5. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Hacking
Income
Annuity
Net income
6. 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.
Tax Deduction
Mortgage
Deductions
Lease
7. The process used to determine What an individual wants to be & do or have (What a person wants to accomplish).
Goal setting
Mortgage company
Variable expenses
Medicare
8. 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.
Rule of 72
Gifts in-kind
Tenant
Credit Score/Rating
9. The chance that an investment has been misrepresented.
Opportunity Cost
Interest Rate
Fraud Risk
Annuity
10. A bank or credit union account that allows withdrawals by writing a check.
Annuity
Checking account
Bankruptcy
Morals
11. A non-cash contribution to a charitable organization which can be given a cash value.
Simple Interest
Gifts in-kind
Identity Theft
Morals
12. 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.
Medicare
Interest Rate
Annuity
Tax Deduction
13. Using a person's name or personal information without the person's permission to steal money or get other benefit.
Creditor
Charitable Giving
Identity Theft
Net income
14. Anything subtracted from your gross income.
Probability
Deductions
Bankruptcy
Consumer Credit Counseling
15. 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
Dumpster Diving
Income
Net income
16. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Income
Tax Deduction
Interest Rate
Variable expenses
17. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Identity Theft
Individual Retirement Account (IRA)
Coinsurance
Hacking
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.
Checking account
Annuity
Principal
Bankruptcy
19. A legal organization providing services or activities without commercial or monetary gain.
Deductions
Nonprofit organization
Landlord
Opportunity Cost
20. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Reconcile
Charitable Giving
Closing Costs
Variable expenses
21. The original amount of money deposited or invested.
Bankruptcy
Deductible
Dumpster Diving
Principal
22. A person who pays rent; the legal name for a renter.
401 k
Copayment
Income
Tenant
23. A plastic card used to deduct a purchase amount directly from your checking account.
Bankruptcy
Saving
Opportunity Cost
Debit card
24. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Charitable Giving
Fraud Risk
Goal
Interest
25. Wages or salary before deductions for taxes and other purposes.
Gross income
Rate of Return
Rate of Return
Identity Theft
26. 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
Rate of Return
Tax Deduction
Variable expenses
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.
Social security
Consumer Credit Counseling
Savings Accounts
Savings Accounts
28. How fast money in savings account or investment grows.
Lease
Rate of Return
Opportunity Cost
Premium
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.
Goal
Fixed expenses
Mortgage
Risk
30. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Gambling
Debit card
Interest Rate
Credit
31. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Identity Theft
Morals
Opportunity Cost
Deductible
32. 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.
401 k
Benefits-received principle
Opportunity Cost
Ethics
33. A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Variable expenses
Credit
Consumer Credit Counseling
Morals
34. A purposeful course of action or purpose in life that generally provides income
Career
Fraud
Individual Retirement Account (IRA)
Gambling
35. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Deductions
Fraud Risk
Fixed expenses
Reconcile
36. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Lease
Nonprofit organization
Rate of Return
Expenses
37. Costs paid when buying a house or real estate.
Variable expenses
Credit Score/Rating
Fraud
Closing Costs
38. How fast money in savings account or investment grows.
Rate of Return
Fraud
Progressive tax
Coinsurance
39. The fee paid for insurance protection.
Check
Credit Bureau
Premium
Credit Score/Rating
40. A person who pays rent; the legal name for a renter.
Tenant
Creditor
Career
Progressive tax
41. A non-cash contribution to a charitable organization which can be given a cash value.
Debit card
Variable expenses
Gifts in-kind
Checking account
42. The process of comparing personal bank account records to the bank's records of that account balance in order to uncover any possible discrepancies.
Opportunity Cost
Dumpster Diving
Reconcile
Gross income
43. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Mortgage
Debit card
Dumpster Diving
Credit Card
44. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Goal setting
Mortgage
Medicare
Tenant
45. Interest calculated periodically on the loan principal or investment principal only & not on previously earned interest.
Gifts in-kind
Simple Interest
Credit Score/Rating
Rate of Return
46. A loan to finance the purchase of real estate & usually with specified payment periods and interest rates.
Simple Interest
Mortgage
Interest Rate
Bankruptcy
47. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Tenant
Principal
Income
Risk
48. 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.
Premium
Mortgage
Budget
Lease
49. 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.
Variable expenses
Lease
Rule of 72
Interest
50. Money earned from investments and employment.
Hacking
Credit Bureau
Income
Coinsurance