Exam (elaborations)
Wise Financial Literacy Test.
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Wise Financial Literacy Test.
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WiseFinancial
Literacy
Test
If
you
have
a
whole
life
insurance
policy
with
a
cash
surrender
value,
and
you
surrender
the
policy,
what
will
you
receive?
-
ANS-a
calculated
amount
of
money
which
includes
part
of
the
premiums
paid
as
well
as
the
interest
on
that
money
(because
they're
not
going
to
give
you
the
whole
amount
back)
What
is
capital
gain?
-
ANS-Income
on
stocks
What
is
a
bull/bear
market?
-
ANS-A
bull
market
is
a
promising
market
(bull
attacks
up)
A
bear
market
is
a
market
that
isn't
doing
well
(bear
attacks
down)
What
is
an
exemption?
-
ANS-the
amounts
of
money
you
get
taken
away
from
taxes
for
having
dependents
Annual
deductible
-
ANS-What
you
have
to
pay
in
the
beginning
of
the
year
before
insurance
kicks
in
Managed
Health
Care
Plan
-
ANS--you
have
to
go
to
your
primary
care
physician
who
determines
whether
you
should
see
a
specialist
-co-pays
at
the
primary
care
physician
What
is
the
only
type
of
life
insurance
without
a
cash
value?
-
ANS-Term
When
you
reinvest
dividends,
what
does
that
go
towards
buying?
-
ANS-More
of
the
same
stock
What
is
the
largest
equities
market
in
the
world?
-
ANS-New
York
Stock
Exchange
(NYSE)
Mutual
Funds
-
ANS-an
investment
that
holds
a
wide
range
of
different
investment
instruments,
providing
diversification
Money
Market
-
ANS-safe,
bank
offering
Growth
stocks
-
ANS-new
companies
that
are
trying
to
grow
(you
want
to
invest
in
them)
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