10/15/24, 8:54 PM WISE FINANCIAL LITERACY TEST NEWEST 2024 ACTUAL EXAM COMPLETE 60 QUESTIONS AND CORRECT ANSWERS (…
WISE FINANCIAL LITERACY TEST NEWEST 2024
ACTUAL EXAM COMPLETE 60 QUESTIONS AND
CORRECT ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+
Terms in this set (63)
wages, rentals, interest, capital, profits, investments,
sources of income
entrepreneurship
also called allowance: used to reduce amount of
exemption
taxed income
liquidity the degree of ease in which assets can be sold
closed loop system and open loop system;
gift cards can be purchased in fixed amounts and redeemed for
purchases from particular businesses
also called budget surplus; not allocated for food or
discretionary income
shelter
a payment order for a pre-specified amount of money
and is purchased at a different types of stores- it is
used like a check. They are usually limited in maximum
money order face value to some specified figure. (For example, the
United States Postal Service limits domestic postal
money orders to US $1,000.00); US Postal money
orders are hard to counterfeit.
why does US currency there is a belief that money has value and therefore is
have value accepted.
next best alternative; it is what is given up when a
opportunity cost
choice is made.
, 10/15/24, 8:54 PM WISE FINANCIAL LITERACY TEST NEWEST 2024 ACTUAL EXAM COMPLETE 60 QUESTIONS AND CORRECT ANSWERS (…
hurt: lenders (banks) and people living on fixed
income. Least hurt: those who owe large amounts of
inflation money;
a general increase in prices and fall in the purchasing
value of money.
treasury department collects taxes, prints money, issues treasury bonds.
strategy for saving for the future by putting money
pay yourself first
aside before paying regular monthly bills
it is a time deposit offered at financial institutions-
certificate of deposit
penalty if cashed before maturity.
banks, credit unions, financial companies, payday
institutions that give loans
lenders, tax preparers
institutions that charge pawnshops, payday lenders, tax refund lenders, tax
high intrest refund lenders, finance companies.
member owned co-operative financial institution-
credit union
advantage is lower interest rates on loans.
a feature offered by banks to keep your checking
account from over drafting when you write a check or
overdraft protection
swipe your debit card but don't have enough money
in your account. It is a loan that is paid back.
interest added to principal- interest earned on
compound interest
interest.
calculated by value of money with given amount
time value of money earned over a period of time; the longer you keep
your money invested, the more interest you will earn.
savings and checking accounts are most liquid,
liquid financial product certificate of deposit and money market accounts are
less liquid
technique for estimating the number of years required
rule of 72
to double your money at a given rate of return
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