Exam (elaborations)
WISE FINANCIAL LITERACY VOCABULARY QUESTIONS AND ANSWERS
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WISE FINANCIAL LITERACY VOCABULARY QUESTIONS AND ANSWERS
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Name: Score:60 Multiple choice questions
Definition 1 of 60
the influence that a social group has on an individual, based on the individual's desire for the
group's approval
opportunity cost
point of sale (POS)
peer pressure
tax defferal
Definition 2 of 60
the process of setting income aside for future spending, provides ready cash for emergencies
and short-term goals, and funds for investing
liquidity
salary
saving
medicaid
Definition 3 of 60
the feature of an investment in which taxes due on principal and/or earnings are postponed
until funds are withdrawn, often at retirement
tax defferal
risk management
payment method
peer pressure
,Definition 4 of 60
the location where a transaction occurs. POS software can track sales, inventory, and customer
information
point of sale (POS)
payment method
time value of money
standard of living
Definition 5 of 60
the quality of an asset that permits it to be converted quickly into cash without loss of value.
For example, a mutual fund is more liquid than real estate.
principal
liability
net worth
liquidity
Definition 6 of 60
a legal declaration of a person's wishes for the disposition of his or her estate after death
open-end credit
philanthropy
will
rent-to-own
,Definition 7 of 60
1. an amount of money originally invested, excluding any interest or dividends.
2. an amount borrowed, or an outstanding loan balance
principal
liquidity
portfolio
pawnshop
Definition 8 of 60
a government fee on business and individual income, activities, or products
risk
wage
tax
title loan
Definition 9 of 60
an actual or potential financial obligation
salary
loan shark
liability
liquidity
, Definition 10 of 60
an amount an employer withholds from a paycheck. Mandatory deductions include various
taxes. Voluntary deductions include loan payments, charitable contributions, and direct
deposits into financial institution accounts
mutual fund
tax deduction
payment method
payroll deduction
Definition 11 of 60
earnings, such as interest from municipal bonds, that are free of certain taxes
unearned income
tax exemption
payment method
tax deduction
Definition 12 of 60
a program, financed by state and federal government tax revenues to pay specified health
care costs care for those who cannot afford them
medicaid
medicare
principal
net worth
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