WISE Financial Literacy Certification Term Review with Complete Solutions
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Course
WISE Financial Literacy Certification
Institution
WISE Financial Literacy Certification
WISE Financial Literacy Certification
Term Review with Complete Solutions
What does an exemption refer to in terms of taxation?
It is a legal deduction that lowers the amount of income subject to tax.
What is a gift card and how does it function?
A gift card is a prepaid card with a fixed ...
1 WISE Financial Literacy Certification Term Review with Complete Solutions What does an exemption refer to in terms of taxation? ✔✔It is a legal deduction that lowers the amount of income subject to tax. What is a gift card and how does it function? ✔✔A gift card is a prepaid card with a fixed amount of credit that can be used for purchases at a designated store. What does discretionary income or a budget surplus represent? ✔✔It is t he portion of income available for spending after taxes have been paid. What is a money order and how is it used? ✔✔A money order is a payment method that can be exchanged for cash and functions similarly to a check. It is commonly purchased by indi viduals without a bank account. Why does U.S. currency hold value? 2 ✔✔Its value is upheld because the government has officially recognized it as valid for settling debts. What is the concept of opportunity cost? ✔✔Opportunity cost is the value of the best alternative option that is forgone when making a decision. Who benefits and who suffers from inflation? ✔✔Companies and borrowers typically benefit from inflation, while workers, those with fixed incomes, and savers usually experience negative effects. What role does the U.S. Treasury Department play? ✔✔It oversees government revenue management and is responsible for issuing bonds, notes, and bills. What does "pay yourself first" mean in financial planning? ✔✔It involves allocating money to savings and retirement accounts before spending on other expenses.
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