100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
DECA Personal Financial Literacy Exam Questions with Latest Update $12.49   Add to cart
Quickly navigate to
Preview
  2.  
  3. Financial Literacy
  4.  
  5. Financial Literacy

Exam (elaborations)

DECA Personal Financial Literacy Exam Questions with Latest Update
 7 views  0 purchase
  • Course
  • Financial Literacy
  • Institution
  • Financial Literacy

Comparison shopping - Answer-judging the benefits of different products by comparing several factors before purchase Purchasing power - Answer-the real goods and services that money can buy; determines the value of money. Fixed expenses - Answer-Expenses that do not change from month to month...

[Show more]

Preview 2 out of 8  pages

Document information

  • October 12, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • deca personal financial literacy exam questions wi
  • comparison shopping answer judging the benefits

Written for

  • Financial Literacy
  • Financial Literacy

Seller

avatar-seller
lectknancy

Reviews received

Content preview

DECA Personal Financial Literacy Exam
Questions with Latest Update
Comparison shopping - Answer-judging the benefits of different products by comparing
several factors before purchase

Purchasing power - Answer-the real goods and services that money can buy;
determines the value of money.

Fixed expenses - Answer-Expenses that do not change from month to month, such as
auto insurance or rent.

Mandatory Paycheck Deductions - Answer-Federal Income Tax, State Income Tax,
FICA (Social Security and Medicare), Wage Garnishments.

Federal Reserve System (Fed) - Answer-US central bank that sets monetary policy and
regulates banking system

Securities and Exchange Commission (SEC) - Answer-an independent federal agency
that oversees the exchange of securities to protect investors

Internal Revenue Service (IRS) - Answer-The branch of the U.S. Treasury Department
in charge of collecting taxes

Consumer Financial Protection Bureau - Answer-Fairness and transparency in
consumer financial products and services

Time value of money - Answer-the principle that a dollar received today is worth more
than a dollar received in the future due to inflation.

Long-term debt - Answer-a liability that falls due beyond one year from the date of the
financial statements

Opportunity cost - Answer-The loss of potential gain from other alternatives when one
alternative is chosen.
Whatever must be given up to obtain some item

Balanced budget - Answer-A budget in which revenue and spending are equal.
total expenses + savings = total income

Simple interest - Answer-interest paid on the principal alone
I=prt

APY - Answer-Annual Percentage Yield -

, the actual annual rate at which interest is earned, including the effects of compounding

Compound interest - Answer-interest earned on both the principal amount and any
interest already earned

FAFSA - Answer-Free Application for Federal Student Aid -
main application students use to apply for federal education grants and loans (financial
aid)

Federal Deposit Insurance Corporation (FDIC) - Answer-the government agency that
insures customer deposits if a bank fails up to 250K.

Paying yourself first - Answer-The concept of setting aside a portion of your income for
savings before spending any of it

Your credit past is your credit future - Answer-credit bureaus maintain credit reports,
which record borrowers' histories of repaying loans and credit. Negative information in
credit reports will adversely affect your ability to borrow at a later point.

Capital gains - Answer-Gains (taxed) from selling stocks or other financial investments
for more than what was paid for them.

Certificate of deposit - Answer-a savings certificate that gains interest and has a set
time before you can withdraw your money (if you do early, you are penalized)

bank check - Answer-a certified check or a cashier's check, the payment for which a
bank is solely or primarily liable. Good as cash.

personal check - Answer-a check drawn against funds deposited in your personal
checking account

promissory note - Answer-a written contract with a promise to pay a supplier a specific
sum of money at a definite time

ATM cards - Answer-Allows person to deposit and withdraw money from their account
at an atm

overdraft protection - Answer-an automatic loan made to an account if the balance will
not cover checks written

amortization - Answer-the reduction of a loan balance through payments made over a
period of time

barter - Answer-Exchange goods without involving money.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller lectknancy. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

77858 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$12.49
  • (0)
  Add to cart