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WISE Review Questions and Answers 100% Pass Types of income sources include: earnings from employment presents or donations benefits provided by the government profits from investments An exemption is defined as: a legal allowance to lower the amount of income subject to taxatio...

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  • August 1, 2024
  • August 1, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
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1 WISE R eview Questions and Answers 100% Pass Types of income sources include: ✔✔earnings from employment ✔✔presents or donations ✔✔benefits provided by the government ✔✔profits from investments An exemption is defined as: ✔✔a legal allowance to lower the amount of income subject to taxation. Liquidity denotes: ✔✔the simplicity with which an asset can be converted into cash. Exam ples are liquid assets like cash, securities, and easily accessible savings accounts. Gift cards are: ✔✔prepaid cards that can be used for purchases at specific retailers. 2 Discretionary income, or a budget surplus, is: ✔✔the portion of income remaining for spending after all taxes have been paid. Money orders are: ✔✔financial instruments that can be exchanged for cash, operate like checks, and are used by those without bank accounts. The value of US currency is ensured by: ✔✔the government's authori zation for it to be used for debt settlement. Opportunity cost refers to: ✔✔the value of the best alternative option that is sacrificed when making a choice. Inflation impacts different groups as follows: ✔✔Businesses and borrowers generally benefit from inflation, whereas employees, those on fixed incomes, and savers may experience negative effects. 3 The US Treasury Department is tasked with: ✔✔overseeing government finances and issuing various forms of d ebt instruments. "Pay yourself first" means: ✔✔allocating funds to savings and retirement accounts before using money for other expenses. A certificate of deposit (CD) is: ✔✔a bank -issued document representing a deposit held for a set term at a fixed i nterest rate. Early withdrawal may result in penalties or reduced interest. Lenders include: ✔✔banks and credit unions (typically offering lower interest rates) as well as pawnshops, finance companies, payday lenders, and tax preparers (often charging hi gher rates). A credit union is: ✔✔a non -profit financial organization where members benefit from low -interest loans funded by collective deposits.

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