Wise financia - Study guides, Class notes & Summaries

Earned Income - ANSWER Income derived from active participation in a trade or business, including wages, salary, tips, commissions and bonuses. Unearned Income - ANSWER Any income that comes from investments and other sources unrelated to employment services. Examples: interest from a savings account, bond interest, alimony, and dividends from stock Exemptions (aka allowance) and how they work - ANSWER If you are not claimed as a dependent on another taxpayer's return, then you can cla...

WISE Financial Literacy Certification Practice Questions and Answers

Which of the following does the Federal Reserve use to regulate the nation's money supply? - Answer- Monetary policy Identify the background color of a U.S. $5.00 bill. - Answer- Green A type of electronic funds transfer (EFT) is: - Answer- An ATM transaction Scott just got an ATM card to use and must choose a PIN (Personal Identification Number). How should he select a PIN that will give him maximum protection against anyone else being able to find out what the PIN is? - Answer- Use a...

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WISE Financial Literacy Certification Term Review Questions with Correct AnswersWISE Financial Literacy Certification Term Review Questions with Correct AnswersWISE Financial Literacy Certification Term Review Questions with Correct AnswersWISE Financial Literacy Certification Term Review Questions with Correct Answers sources of income - ANSWER-wages gifts government benefits capital gains exemption - ANSWER-a deduction allowed by law to reduce the amount of income that would otherwise b...

WISE Financial Literacy Test Terms with Complete Solutions WISE Financial Literacy Test Terms with Complete Solutions WISE Financial Literacy Test Terms with Complete Solutions sources of income - ANSWER-wages, rentals, interest, capital, profits, investments, entrepreneurship exemption - ANSWER-also called allowance: used to reduce amount of taxed income liquidity - ANSWER-the degree of ease in which assets can be sold gift cards - ANSWER-closed loop system and open loop syste...

Question : To qualify for a Federal Housing Administration (FHA) loan, a person must generally A: have at least a high school diploma. B: have one-quarter of the cost of the home for a down-payment. C: fulfill income guidelines. D: provide two individuals to co-sign the loan. - C: fulfill income guidelines. A high school student has begun to investigate the field of finance as a career choice. In deciding about the field, the student should focus on which question first? ...

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