Exam (elaborations)
WISE & Everfi Financial Literacy Test Review
- Module
- Pathophysiology EXAM 4 UTA
- Institution
- Pathophysiology EXAM 4 UTA
WISE & Everfi Financial Literacy Test Review
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WISE & Everfi Financial Literacy TestReview
1040 - ANS-A tax form filled out by an individual and filed with the IRS that determines
the amount of income tax owed in a single year.
1040EZ - ANS-A tax form, similar to the 1040 filled out by an individual and filed with
the IRS. The form is used to determine
the amount of income tax owed to the IRS in a single year. The 1040EZ form is used in
simpler tax situations.
401(k) - ANS-A retirement account offered through an employer, where an employee
can contribute money from his or her
paycheck before or after taxes.
403(b) - ANS-A retirement account similar to a 401(k) plan, but offered by non-profit
organizations, like universities or
charitable organizations.
529 college saving plan - ANS-A savings plan offering tax benefits that can be used for
any qualified educational expenses.
Asset - ANS-Property owned by an individual or organization that has some value. Can
refer to physical items (like a house
or car) or to intangible items (like a stock or bond).
Associate's degree - ANS-A degree granted after two years of study, often by a
community or junior college.
ATM Card - ANS-A payment type similar to a debit card that allows you to make
electronic purchases but requires that you
enter a PIN (Personal Identification Number) for any transaction.
Annual Percentage Rate (APR) - ANS-Another name for the interest rate charged on
the balance of a credit card.
Auto insurance - ANS-A type of insurance that protects a policyholder in the case of a
car accident. Most states require it by law.
,Bachelor's degree - ANS-A degree awarded by a college or university for completing
four years of undergraduate studies.
Balance - ANS-The total amount of money in a banking account at any given time.
Balance Transfer - ANS-A transfer of your existing credit card balance to another credit
card. Balance transfers are typically used when
a consumer wants to transfer their credit card debt onto a card with a lower interest rate.
Bonds - ANS-A bond is basically a loan, except that in this case, you're the lender.
When you buy a bond, you loan an
amount of money to the organization issuing the bond at a certain interest rate for a
certain period of time.
You are paid interest from this loan at regular periods, and then, when the bond
matures, you get back your
initial investment plus any additional interest. Treasury and municipal bonds are specific
types of bonds.
Budget - ANS-A budget is a plan of how you will spend the money that you make or
receive.
Cash Advance - ANS-A loan of cash you obtain with a credit card.
Certificate of deposit - ANS-A type of savings vehicle in which you put your money away
for a certain amount of time, called a term, to
allow your principal to earn interest.
Charge Card - ANS-A payment type that works just like credit cards except the balance
must be paid in full every month.
Claim - ANS-A claim is the request you make to your insurance company for payment of
the benefits allowed by your
coverage. For instance, if you receive a bill for repairs made to your car, you might
submit a claim to your auto
insurance company to request they pay the bill for you.
Compound Interest - ANS-Compound interest is interest that's generated not only from
the money you put into an account, but also
, from the interest you make on that money. In other words, with compound interest, you
earn interest on your
interest.
Compounding frequency - ANS-The number of compounding periods in one year. The
greater the compounding frequency, the more often
your interest is calculated and added back into your account. Daily is much better than
annually.
Consilidation Loans - ANS-These combine several student loans into one bigger loan
from a single lender, which is then used to pay off
the balances on the other loans.
Consumer Fraud - ANS-When a product or service is illegally used to deceive you into
sending money or signing up with a phony
service. Consumer fraud scams frequently start with a fake email, letter or phone call.
Co-Pay - ANS-A fixed fee that an individual pays for specific medical services, like a
visit to the doctor's office.
Coverage - ANS-Your coverage refers to the range of protection you are eligible to
receive from an insurance plan. Insurance
plans can have different coverage even if they're the same type of insurance
Credit Bureaus - ANS-Credit bureaus, also called credit agencies or credit reporting
agencies, are companies that collect credit
information about individuals. They then calculate a credit score for each individual
based on this information.
Note that credit bureaus are private, for- profit businesses-they are not part of the
government, though they
are overseen by various government agencies. In the United States, the three major
credit bureaus are
Equifax, Experian, and TransUnion.
Credit Cards - ANS-A credit card is a payment type that does not automatically draw
money from your account. Instead, it
provides a short-term loan that you can use to make everyday purchases. Credit card
loans are unsecured,
which means the credit card company can't take your valuables away from you if you
don't pay the loan back.
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