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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 amount of money that the member or insured pays directly to a provider at the time services are rendered.
Copayment
Rule of 72
Fraud Risk
Gambling
2. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Expenses
Fraud
Goal setting
Deductions
3. The value of the second-best alternative that a person gives up when making one choice instead of another.
Hacking
Credit Card
Opportunity Cost
Identity Theft
4. Anything subtracted from your gross income.
Fraud Risk
Deductions
Ethics
Morals
5. A long-term loan to buy real estate including land and the structures on it.
Mortgage
Simple Interest
Bankruptcy
Goal setting
6. Anything subtracted from your gross income.
Dumpster Diving
Tenant
Progressive tax
Deductions
7. The original amount of money deposited or invested.
Nonprofit organization
Principal
Creditor
Credit Bureau
8. 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.
Lease
Landlord
Simple Interest
Annuity
9. The value of the second-best alternative that a person gives up when making one choice instead of another.
Opportunity Cost
Mortgage
Copayment
Gross income
10. Expenditures that are the same from week to week or month to month; such as mortgage or rent or car payments.
Credit Bureau
Creditor
Goal
Fixed expenses
11. Someone who knowingly deceives you for their own personal gain.
Checking account
Fraud
Deductions
Social security
12. A long-term loan to buy real estate including land and the structures on it.
Mortgage
Principal
Debit card
Savings Accounts
13. 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
Net income
Dumpster Diving
Budget
14. Payments earned by households for selling or renting their productive resources. May include salaries & wages & interest and dividends
Goal setting
Income
Probability
Hacking
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.
Mortgage
Savings Accounts
Lease
Simple Interest
16. A written legal document directing a bank or credit union to pay a person or business a specific sum of money.
Dumpster Diving
Rate of Return
Gross income
Check
17. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Deductible
Income
Dumpster Diving
Fixed expenses
18. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
401 k
Gross income
Morals
Hacking
19. A set of principles or beliefs that govern an individual's actions.
Social security
Ethics
Identity Theft
Income
20. How fast money in savings account or investment grows.
Gambling
Gross income
Rate of Return
Income
21. Wages or salary before deductions for taxes and other purposes.
Gross income
Deductible
401 k
Consumer Credit Counseling
22. The chance that an investment has been misrepresented.
Landlord
Morals
Savings Accounts
Fraud Risk
23. 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.
Gifts in-kind
Ethics
Social security
Credit Card
24. Someone who knowingly deceives you for their own personal gain.
Credit
Landlord
Fraud
Net income
25. A state or federally chartered & not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements.
Identity Theft
Credit
Credit union
Mortgage company
26. A plastic card used to deduct a purchase amount directly from your checking account.
Debit card
Interest Rate
Credit Card
401 k
27. A legal organization providing services or activities without commercial or monetary gain.
Checking account
Nonprofit organization
Benefits-received principle
Mortgage
28. A statement about What a person wants to be & do & or have & accomplished by taking certain steps; provides direction to a plan of action.
Lease
401 k
Goal
Rule of 72
29. The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals & and funds for investing.
Copayment
Landlord
Debit card
Saving
30. Commonly called 'take home pay'; it is your income AFTER all deductions and exemptions.
Net income
Income
Gifts in-kind
Mortgage
31. The costs of goods and services & including those that are FIXED (rent & car loans) and those that are VARIABLE (food & clothing & entertainment).
Career
Fraud Risk
Interest Rate
Expenses
32. The act of giving to charitable organizations or to those in need.
Consumer Credit Counseling
Charitable Giving
Credit Report
Gross income
33. The percentage rate of interest charged to the borrower or paid to a lender & saver & or investor.
Consumer Credit Counseling
Interest Rate
Progressive tax
Debit card
34. A measure of the uncertainty of an investment's rate of return; possible losses.
401 k
Social security
Ethics
Risk
35. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest & according to a specific schedule.
Copayment
Credit Card
Morals
Rule of 72
36. An expense that a taxpayer can subtract from taxable income. ex: deductions for home mortgage interest & and charitable gifts.
Principal
Net income
Tax Deduction
Fraud
37. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Savings Accounts
Dumpster Diving
401 k
Mortgage
38. Expenditures that change from week to week or month to month-- food & clothing & recreation & entertainment.
Rate of Return
Variable expenses
Income
Opportunity Cost
39. Money earned from investments and employment.
Social security
Deductible
Income
Morals
40. 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.
Rule of 72
401 k
Credit Bureau
Closing Costs
41. A company that makes loans for the purchase of a house or other real estate.
Risk
Credit Card
Mortgage company
Simple Interest
42. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. (Example- gas tax)
Fraud Risk
Benefits-received principle
Expenses
Bankruptcy
43. A financial institution deposit account that pays interest and allows withdrawals. (SHORT term goals)
Mortgage
Savings Accounts
Hacking
Credit Card
44. A person who pays rent; the legal name for a renter.
Tenant
Individual Retirement Account (IRA)
Hacking
Goal
45. Someone who rummages through your trash looking for bills or other paper with your personal information on it.
Morals
Social security
Income
Dumpster Diving
46. One may hack into your computer or another computer system & including schools & credit card companies & and other places maintaining personal info.
Simple Interest
Probability
Hacking
Individual Retirement Account (IRA)
47. The chance that an investment has been misrepresented.
Credit union
Fraud Risk
Coinsurance
Variable expenses
48. A person who pays rent; the legal name for a renter.
Credit Bureau
Tenant
Rate of Return
Credit union
49. A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets.
Consumer Credit Counseling
Tax Deduction
Creditor
Bankruptcy
50. Federal government program & financed by deductions from wages that pays for certain health care expenses for older citizens.
Charitable Giving
Medicare
Copayment
Credit