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FINANCIAL LITERACY QUARTER 1 EXAM
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FINANCIAL LITERACY QUARTER 1 EXAM 2024- 2025 Indebted - ANSWER To owe money, goods, or services to someone Employable - ANSWER a person who is ready and qualified to work Net Worth Statement - ANSWER A snapshot of an individual's financia l health, at one particular point in time Fair Market Value - ANSWER An estimate of the market value of a property, based on what a knowledgeable, willing, and unpressured buyer would pr obably be willing to pay. Liquidity - ANSWER The ability or ease with which assets can be converted in to cash. Collateral - ANSWER Property or security pledged for the payment of a loan. What are the three keys to financial success? - ANSWER 1. Setting goals 2. Making smart decisions 3. Planning for the future 5 steps for effective personal financial planning - ANSWER Step 1: Evaluat e your financial health Step 2: Define your financial goals Step 3: Develop a plan of action Step 4: Implement your plan Step 5: Review, evaluate, and revise Define net worth - ANSWER Assets minus Liabilities It's tougher to receive financial security if you are a ____________ - ANSWER Woman How long should a person expect to work every day? - ANSWER 8-10 hours How many hours do you work a week, if you are part-time? - ANSWER Less tha n 40 hours How many hours do you work a week if you are full-time? - ANSWER 40 hours or more Exemptions or Withholding Allowance - ANSWER The number of children or other people an employee supports and therefore can claim on his or her taxes. Net Pay - ANSWER How much money a person receives after deductions are subtracted. FICA - ANSWER Federal Income Contribution Act or social security deduction The amount withheld from your paycheck also depends on the number of _____________ you claim. - ANSWER Exemptions Short term goals in financial planning are usually completed in what time sp an? - ANSWER 1 year Intermediate term goals span? - ANSWER 1-5 years Long term goals span? - ANSWER 5+ years to complete What is a common trait among the rich? - ANSWER Frugality What is the first step in looking for a job? - ANSWER Identify Occupations What is the key factor determining your income? - ANSWER How well educated/trained you are What defines "overtime"? - ANS WER Hours worked beyond regular full-time work weekThe benefits of buying summaries with Stuvia:
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