Wise Financial Literacy Set A Latest Update Graded A+
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Wise Financial Literacy Set A
Institution
Wise Financial Literacy Set A
Wise Financial Literacy Set A Latest
Update Graded A+
What should someone do first to manage their spending effectively?
They should develop a budget that outlines their current income and expenses.
Why is it important to compare prices when buying a car?
Car prices can vary significantl...
1 Wise Financial Literacy Set A Latest Update Graded A+ What should someone do first to manage their spending effectively? ✔✔They should develop a b udget that outlines their current income and expenses. Why is it important to compare prices when buying a car? ✔✔Car prices can vary significantly, making comparison shopping essential. Why do financial advisors often recommend starting to save and invest early? ✔✔Early saving and investing take advantage of compounding and asset appreciation. What is a key characteristic of an effective financial goal? ✔✔A well -defined financial goal should include a specific deadline or time frame. What impact does inflation have on purchasing power? ✔✔Inflation reduces purchasing power, causing goods to become more expensive. 2 What approach can help someone reach their goal of purchasing a home? ✔✔Adhering to a budget that includes regul ar savings can facilitate achieving this goal. For a college student on a tight budget, what question is crucial to ask before buying a new cell phone? ✔✔Is the new cell phone a necessity or merely a desire? Which quote provides sound financial a dvice? ✔✔"A penny saved is a penny earned." What are some examples of fixed expenses? ✔✔Rent is an example of a fixed expense. What are examples of mandatory payroll deductions? ✔✔Federal withholding tax and FICA are required deductions f rom a paycheck. When is it advisable to start contributing to a retirement savings plan? ✔✔It is best to begin contributing to a retirement plan as early as possible.
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