Exam (elaborations)
WISE-MONEY MANAGEMENT FINANCIAL PLAN QUESTIONS AND ANSWERS
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WISE-MONEY MANAGEMENT FINANCIAL PLAN QUESTIONS AND ANSWERS
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Name: Score:37 Multiple choice questions
Definition 1 of 37
someone who pays rent to use land or a building or a car that is owned by someone else
(lessee)
Landlord
Tenant
Tenement
Owner
Definition 2 of 37
increasing equity by making your payments on time
Creating partnerships
Negative equity
Financial plans
Building equity
Definition 3 of 37
Income received from social security benefits
Finance company mortgage
Financial plans
Income tax return
Social security income
,Definition 4 of 37
Financial needs differ at various stages of the family and individual life cycle
Family life cycle
Stages of life
Seasons of life
Duties of life
Definition 5 of 37
the amount of money the employee contributes towards various expenses (retirement,
insurance, taxes) deducted from gross pay
Financial plans
External competitiveness
Employee contributions
Internal alignment
Definition 6 of 37
a mortgage held by a finance company
Financing ownership
Bank mortgage
Finance company mortgage
Mortgage interest
,Definition 7 of 37
financial investments where taxes due on the amount invested and/or its earnings are
postponed until funds are withdrawn, usually at retirement
Tax deferred
Sales tax
Fully tax deductible
Tax exempt
Definition 8 of 37
total assets minus total liabilities
Asset
Net worth
Fixed mortgage
Net income
Definition 9 of 37
a regular payment to a person that iis intended to allow them to subsist without working
401 (k)
Title
Roth Ira
Pension
, Definition 10 of 37
When someone uses your name, Social Security number, credit card number, and other
personal information without your permission.
Identity theft
Identity fraud
Security deposit
Phishing
Definition 11 of 37
This is a conventional mortgage, with payments of interest and principal. Fixed terms with a
fixed rate can vary from 6 months to 10 years or more.
Balloon mortgage
Adjustable rate mortgage
Fixed mortgage
Variable mortgages
Definition 12 of 37
a fee charged by a lender on money borrowed on the loan to purchase a home
income tax
mortgage interest
property taxes
depreciation
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