Exam (elaborations)
WISE Financial Literacy Certification Term Review.
- Course
- Institution
WISE Financial Literacy Certification Term Review.
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WISEFinancial
Literacy
Certification
Term
Review
sources
of
income
-
ANS-wages
gifts
government
benefits
capital
gains
exemption
-
ANS-a
deduction
allowed
by
law
to
reduce
the
amount
of
income
that
would
otherwise
be
taxed
liquidity
-
ANS-the
ease
in
which
an
asset
can
be
bought
or
sold
ex.
cash,
stocks/bonds,
checks,
gold/precious
metals,
checking
and
savings
acounts
gift
cards
-
ANS-a
card
with
a
specified
amount
of
credit
on
it
redeemable
at
a
specific
store
discretionary
income/budget
surplus
-
ANS-the
amount
of
income
left
for
spending
after
taxes
money
orders
-
ANS-exchangeable
for
cash
works
like
a
check
bought
if
you
don't
have
a
bank
account
why
US
currency
has
value
-
ANS-the
government
has
declared
that
money
is
acceptable
for
paying
debts
opportunity
cost
-
ANS-the
value
of
the
best
alternative
given
up
who
is
and
is
not
hurt
by
inflation
-
ANS-companies
and
borrowers
(not
hurt)
workers,
recipients
of
fixed
incomes,
and
savers
(hurt)
US
treasury
department
-
ANS-manages
government
revenue
they
issue
bonds,
notes,
and
bills
pay
yourself
first
-
ANS-put
money
into
savings
and
retirement
accounts
to
avoid
spending
it certificate
of
deposit
(CD)
-
ANS-a
certificate
issued
by
a
bank
to
a
person
depositing
money
for
a
specified
length
of
time
(at
a
set
interest
rate)
avoids
holders
from
withdrawing
funds
on
demand
(before
it
matures)
maturity-
when
the
term
ends
if
redeemed
before
matured,
you
may
have
to
pay
a
fine
or
forfeit
a
portion
of
the
interest
you
earned
on
it
institutions
that
give
loans
-
ANS-banks,
credit
unions
(low
interest)
pawnshops,
finance
companies,
payday
lenders,
tax
preparers
(high
interest)
credit
union
-
ANS-a
non
profit-making
money
cooperative
whose
members
can
benefit
from
lower
interest
rates
on
loan
and
higher
interest
rates
on
investments
overdraft
protection
-
ANS-when
you
write
a
check
for
more
than
is
in
your
account,
the
bank
covers
it
but
you
have
to
pay
them
back
for
the
amount
that
they
covered
compound
interest
-
ANS-interest
on
the
initial
deposit
+
accrued
interest
time
value
of
money
-
ANS-money
is
less
valuable
over
time
unless
invested
(inflation)
it's
better
to
have
money
now
rather
than
later
rule
of
72
-
ANS-72
/
interest
rate
(in
%)
=
doubling
time
Endorsement
-
ANS-Signing
the
back
of
a
check
reconcile
-
ANS-Comparing
your
bank
statement
to
you
check
register
for
differences
tax
anticipation
loans
-
ANS-loans
to
be
payed
back
by
an
anticipated
tax
return
credit
card
cash
advances
-
ANS-cash
from
an
ATM
charged
to
a
credit
card
high
interest
rates
truth
in
lending
act
-
ANS-federal
law
designed
to
assure
that
every
customer
who
needs
consumer
credit
is
given
meaningful
information
concerning
the
cost
of
such
credit
consequence
of
paying
minimum
payment
of
paying
a
credit
card
bill
-
ANS-credit
score
falls
interest
rate
increases
-
never
seems
to
be
able
to
pay
off
card
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