PACKAGE DEAL:::::::::WISE FINANCIAL LITERACY EXAMS

Wise Financial Literacy Test questions and answers

If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the A: US Treasury Department. In order to track large deposits, the federal government requires that deposits of $10,000 or more be reported to the Treasury Department. Banks use savings account deposit...

checking account transfer money to others by use of checks or electronic payments, access money directly by use of debit card, make deposits to and withdrawals from the account savings account allow deposits and withdrawals within limits, limit access to funds by check, help users earn inte...

Sources of Income Wages, rentals, interest, capital, profit, investments, entrepreneurship Exemption (allowance) and how it works Allowance is used to reduce amount of taxed income Liquidity The degree of ease in which the assets can be sold Gift cards and how they work (a mo...

Determine Net Worth: Total Assets minus Total Liability = Net Worth (what I own minus what I owe) examples of assets, liabilities, and net worth - assets: equity in a house, investments,savings, etc.. - liabilities: mortgage, auto loan, student loans, credit cards, etc... - net worth: tot...

sources of income wages gifts government benefits capital gains exemption a deduction allowed by law to reduce the amount of income that would otherwise be taxed liquidity the ease in which an asset can be bought or sold ex. cash, stocks/bonds, checks, gold/precious metals, chec...

sources of income wages, rentals, interest, capital, profits, investments, entrepreneurship exemption also called allowance: used to reduce amount of taxed income liquidity the degree of ease in which assets can be sold gift cards closed loop system and open loop system; ca...

If your income remains the same over a three-year period but inflation goes up, what does that do to your buying power? Your buying power decreases If your income remains the same over a three-year period but inflation goes up, does your dollar go as far? No What is a credit union? ...

Earned Income Income derived from active participation in a trade or business, including wages, salary, tips, commissions and bonuses. Unearned Income Any income that comes from investments and other sources unrelated to employment services. Examples: interest from a savings account, bond...

Sources of income: wages, rentals, interest, capital, profits, investments, entrepreneurship Exemption (aka an allowance) and how does it work: allowance is used to reduce amount of taxed income Liquidity—what does it mean; what products are liquid: the degree of ease in which ass...

Which of the following does the Federal Reserve use to regulate the nation's money supply? Monetary policy Identify the background color of a U.S. $5.00 bill. Green A type of electronic funds transfer (EFT) is: An ATM transaction Scott just got an ATM card to use and must ch...

What is meant by an uncollateralized loan? B: A personal loan without assets to cover the loan amount. To qualify for a Federal Housing Administration (FHA) loan, a person must generally C: fulfill income guidelines. When a person brings an item to a pawnshop to obtain cash, the tran...

In order to get spending under control, a person should first create a budget of current income and expenses. Comparison shopping for a car is necessary because the price for the car can vary a great deal. Financial planners generally stress the importance of starting to save and inv...

sources of income wages, stocks, interest, salary exemption a deduction allowing to reduce the amount of your income that would be taxed liquidity access to money fast discretionary income extra money you can use for anything money orders bought @ bank; if you don't...