Test your basic knowledge |

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. Anything subtracted from your gross income.






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






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






4. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.






5. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.






6. Payment for the use of someone else's money






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






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






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






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






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






12. Money earned from investments and employment.






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






14. 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.






15. 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.






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






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






18. 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.






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






20. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.






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






22. 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.






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






24. A person who owns property and rents it to another.






25. 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.






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






27. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).






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






29. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).






30. Anything subtracted from your gross income.






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






32. A bank or credit union account that allows withdrawals by writing a check.






33. The original amount of money deposited or invested.






34. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.






35. 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.






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






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






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






39. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends






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






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






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






43. Money earned from investments and employment.






44. A legal organization providing services or activities without commercial or monetary gain.






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






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






47. The original amount of money deposited or invested.






48. Taking risks with personal finances or personal assets






49. A person who owns property and rents it to another.






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