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economics wise test exam 2024/2025 Questions With Completed & Verified Solutions.
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economics wise test exam 2024/2025 Questions With Completed & Verified Solutions.
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economics wise testexemption - ANS a deduction allowed by law to reduce the amount of income that would
otherwise be taxed.
discretionary income - ANS the amount of an individual's income that is left for spending
opportunity cost - ANS The most desirable alternative given up as the result of a decision
Role of the U.S. Treasury Department - ANS prints/makes money and collects all federal taxes
pay yourself first - ANS put money into savings before anything else
CD - ANS certificate of deposit.
credit union - ANS a nonprofit-making money cooperative whose members can borrow from
pooled deposits at low interest rates.
overdraft - ANS withdrawing more money than you have
time value of money - ANS money is worth more now then it is in the future
rule of 72 - ANS estimate the number of years required to double your money at a given annual
rate of return.
reconciling your checking account - ANS ensure all of your deposits and withdrawals are listed
in your checking or savings account
cash advance - ANS service allows cardholders to withdraw cash, either through an ATM or
over the counter at a bank or other financial agency, up to a certain limit.
Truth in Lending Act - ANS informed use of consumer credit
debt to credit ratio - ANS add up your total recurring monthly debt and divide by your gross
monthly income
3 credit reporting agencies - ANS equifax, transunion, experian
insurance deductible - ANS the amount of expenses that must be paid out of pocket before an
insurer will pay any expenses.
lower deductible - ANS insurance premium increase
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