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Exam (elaborations)

Financial Literacy Exam 2 Questions and Answers
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  • Course
  • Financial Literacy
  • Institution
  • Financial Literacy

Examples of short-term needs: - Answer--Emergencies -Vacation -Social Events -Major purchases Examples of long-term needs - Answer--Home Ownership -Education -Retirement -Investing Discretionary income - Answer-What you have left after you have paid your bills Principal - Answer-The ...

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Document information

  • October 12, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • financial literacy exam 2 questions and answers
  • examples of short term needs answer emergencie

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  • Financial Literacy
  • Financial Literacy

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lectknancy

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Financial Literacy Exam 2 Questions and
Answers
Examples of short-term needs: - Answer--Emergencies
-Vacation
-Social Events
-Major purchases

Examples of long-term needs - Answer--Home Ownership
-Education
-Retirement
-Investing

Discretionary income - Answer-What you have left after you have paid your bills

Principal - Answer-The amount of money deposited by a saver

Interest - Answer-What the financial institution pays saver for the sir of the saver's
money

Compound Interest - Answer-Earning interest on interest

Annual Percentage Yield - Answer-The actual interest rate the account pays per year
with compounding included.

Commercial Bank - Answer-Profit
Offers:
-Checking
-Savings
-FDIC - Currently insures up to $250,000
Insured by Bank

Credit Union - Answer-Not-for-profit
Offers:
-NCUA - Currently insures up to $250,000
-Share Account
Insured by NCUA,

Securities - Answer-Stocks and bonds

Liquidity - Answer-The ability of an asset to be converted into cash quickly without a
loss a value

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