Utah financial literacy - Study guides, Class notes & Summaries

Utah Financial Literacy State Test Review Rated A+ Amortization Payment of a portion of the principle of a mortgage loan, reducing or amortizing the mortgage amount. Annual Percentage Rate The total annual percentage amount it will cost a person to use credit. Asset Any items of value that people own, including cash, property, personal possessions, and investments. Budget A plan for spending and saving money based on a person's goals during a given time period. Career A li...

401K A qualified plan established by employers to which eligible employees may make salary deferral (salary reduction) contributions on a post-tax and/or pretax basis. Employers offering a 401(k) plan may make matching or non-elective contributions to the plan on behalf of eligible employees and may also add a profit-sharing feature to the plan. Earnings accrue on a tax-deferred basis. 403 (b) A U.S. tax-advantaged retirement savings plan available for public education organizations...

Utah financial literacy state final Exam Questions With 100% Verified Answers Time value of money - answerMoney now is worth more than in 20 years A house payment - answerPrinciple, interest, property taxes, and insurance compound interest - answerinterest earned on both the principal amount and any interest already earned Payday Loan - answera relatively small amount of money lent at a high rate of interest on the agreement that it will be repaid when the borrower receives their next pay...

Annual Percentage Rate (APR) The annual rate that is charged for borrowing (or made by investing), expressed as a single percentage number that represents the actual yearly cost of funds over the term of a loan. This includes any fees or additional costs associated with the transaction. Bank A financial institution licensed as a receiver of deposits. There are two types of banks: commercial/retail banks and investment banks. In most countries, banks are regulated by the national gover...

ammortized loan - A loan that you "kill" away by paying it back but by bit Rule of 72 - The number of years it takes for a certain amount to double in value is equal to 72 divided by its annual rate of interest. Central Banking System - A nation's central bank that is established to regulate the money supply and oversee the nation's banks. In the United States the Federal Reserve is the central bank. A house payment - Principle, interest, property taxes, and insurance compound interest...

time value of money -:- Money now is worth more than in 20 years A house payment -:- Principle, interest, property taxes, and insurance compound interest -:- interest earned on both the principal amount and any interest already earned Payday Loan -:- a relatively small amount of money lent at a high rate of interest on the agreement that it will be repaid when the borrower receives their next paycheck. Central Banking System 2 | P a g e | G r a d e A + | 2 0 2 4 / 2 0 2 5 2 0...

General Financial Literacy Course - Utah, Financial Literacy State Test Latest Update Graded A+ 401K A qualified plan established by employers to which eligible employees may make salary deferral (salary reduction) contributions on a post-tax and/or pretax basis. Employers offering a 401(k) plan may make matching or non-elective contributions to the plan on behalf of eligible employees and may also add a profit-sharing feature to the plan. Earnings accrue on a tax-deferred basis. 4...

©BRAINBARTER 2024/2025 General Financial Literacy Course – Utah Exam Questions With 100% Verified Answers 401K - answerA qualified plan established by employers to which eligible employees may make salary deferral (salary reduction) contributions on a post-tax and/or pretax basis. Employers offering a 401(k) plan may make matching or non-elective contributions to the plan on behalf of eligible employees and may also add a profit-sharing feature to the plan. Earnings accrue on a tax-de...

Bankruptcy - A legal proceeding involving a person or business that is unable to repay outstanding debts. The bankruptcy process begins with a petition filed by the debtor (most common) or on behalf of creditors (less common). Benefits - Include various types of non-wage compensation provided to employees in addition to their normal wages or salaries.[1] In instances where an employee exchanges (cash) wages for some other form of benefit is generally referred to as a 'salary packaging' or...

Certificate of Deposit (CD) - A savings certificate entitling the bearer to receive interest. A CD bears a maturity date, a specified fixed interest rate, and can be issued in any denomination. CDs are generally issued by commercial banks and are insured by the FDIC. The term of a CD generally ranges from one month to five years. Bank - A financial institution licensed as a receiver of deposits. There are two types of banks: commercial/retail banks and investment banks. In most countries, b...