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General Financial Literacy Course - Utah, Financial Literacy State Test Questions and Correct Answers | Latest Update $13.49   Add to cart

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General Financial Literacy Course - Utah, Financial Literacy State Test Questions and Correct Answers | Latest Update

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  • Course
  • General Financial Literacy
  • Institution
  • General Financial Literacy

401K -:- A qualified plan established by employers to which eligible employees may make salary deferral (salary reduction) contributions on a post-tax and/or pretax basis. Employers offering a 401(k) plan may make matching or non-elective contributions to the plan on behalf of eligible em...

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  • September 17, 2024
  • 56
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • General Financial Literacy
  • General Financial Literacy
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Latestupdate
2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!




General Financial Literacy Course - Utah,
Financial Literacy State Test Questions
and Correct Answers | Latest Update
401K


✓ -:- A qualified plan established by employers to which eligible

employees may make salary deferral (salary reduction) contributions on a

post-tax and/or pretax basis. Employers offering a 401(k) plan may make

matching or non-elective contributions to the plan on behalf of eligible

employees and may also add a profit -sharing feature to the plan. Earnings

accrue on a tax-deferred basis.




403 (b)


✓ -:- A U.S. tax-advantaged retirement savings plan available for public

education organizations, some non-profit employers (only Internal

Revenue Code 501(c)(3) organizations), cooperative hospital service

organizations, and self-employed ministers in the United States.




529 Plans


✓ -:- The Utah Educational Savings Plan (UESP) is a nonprofit 529 college

savings plan. 529 plans are tax-advantaged savings vehicles designed to




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encourage individuals to begin to save for the future costs of higher

education. You do not have to be a Utah resident to save with UESP.




Advertising


✓ -:- To call public attention to, especially by pointing out desirable

qualities so as to create a desire to buy or do business with.




amortization table/schedule


✓ -:- A schedule of payments showing the amounts of principal and

interest that make up each payment.




Annual Percentage Rate (APR)


✓ -:- The annual rate that is charged for borrowing (or made by

investing), expressed as a single percentage number that represents the

actual yearly cost of funds over the term of a loan. This includes any fees

or additional costs associated with the transactio n.




Bank




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✓ -:- A financial institution licensed as a receiver of deposits. There are

two types of banks: commercial/retail banks and investment banks. In

most countries, banks are regulated by the national government or

central bank.




Bankruptcy


✓ -:- A legal proceeding involving a person or business that is unable to

repay outstanding debts. The bankruptcy process begins with a petition

filed by the debtor (most common) or on behalf of creditors (less

common).




Beneficiary


✓ -:- A person who benefits or is expected to benefit from something;

the person who receives the insurance money when policy funds are

dispersed.




Benefits


✓ -:- Include various types of non-wage compensation provided to

employees in addition to their normal wages or salaries.[1] I n instances

where an employee exchanges (cash) wages for some other form of



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benefit is generally referred to as a 'salary packaging' or 'salary exchange'

arrangement. In most countries, most kinds of employee benefits are

taxable to at least some degree. E xamples include housing (employer

provided or employer paid), group insurance (health, dental, life),

disability income protection, retirement benefits, daycare, tuition

reimbursement, sick leave, vacation (paid and non -paid) social security,

profit sharing, funding of education and other specialized benefits. The

purpose of employee benefits is to increase the economic security of staff

and members, and doing so, improve worker retention across the

organization.




Budget


✓ -:- A financial plan used to forecast and track income and expenses.




Career


✓ -:- Profession or field of employment for which one trains, such as

financial services or medicine.




Certificate of Deposit (CD)




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