Financial Literacy State Test Review Questions With 100% Verified Answers
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Course
Financial Literacy
Institution
Financial Literacy
Financial Literacy State Test Review
Questions With 100% Verified Answers
Amortization - answerPayment of a portion of the principle of a mortgage loan, reducing or
amortizing the mortgage amount.
Annual Percentage Rate - answerThe total annual percentage amount it will cost a person to
use cr...
Beneficiary - answer✔The person designated to receive the benefits of the policy upon the death
of another individual.
Benefit - answer✔Something the company offers besides a paycheck.
Bond - answer✔A certificate of debt that is issued by a government or corporation in order to
raise money with a promise to pay a specified sum of money at a fixed time in the future and
carrying interest at a fixed rate.
Borrowing - answer✔Obtaining funds from a lender.
Budget - answer✔A plan for spending and saving money based on a person's goals during a
given time period.
Career - answer✔A life-work chosen by a person to use personal talent, provide some service or
goods, earn money, and contribute to society.
Charitable Giving - answer✔A gift made by an individual or an organization to a nonprofit
organization, charity or private foundation. Charitable donations are commonly in the form of
cash, but can also take the form of real estate, motor vehicles, clothing and other assets or
services.
Checking Account - answer✔A transaction deposit account at a financial institution that that
allows consumers to make deposit and withdrawals. Money that is in a checking account is very
liquid, meaning it can be easily accessed. It can be withdrawn using checks, automated cash
machines and electronic debits.
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