WISE Financial Literacy Certification Term Review with Complete Solutions
8 views 0 purchase
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.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BrilliantScores. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
