Wise Financial Literacy Questions and Answers Already Passed
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Course
Wise Financial Literacy
Institution
Wise Financial Literacy
Wise Financial Literacy Questions and
Answers Already Passed
What is the first step a person should take to manage their spending effectively?
They should develop a budget that outlines their current income and expenses.
Why is it important to compare prices when shopping for a car?
Car ...
1 Wise Financial Literacy Questions and Answers Already Passed What is the first step a person should take to manage their spending effectively? ✔✔They should develop a budget that outlines their current income and expenses. Why is it important to compare prices when sho pping for a car? ✔✔Car prices can vary significantly, making comparison shopping essential. Why do financial advisors often recommend starting to save and invest early? ✔✔This is due to the benefits of compounding and the potential for asset app reciation. What is a key characteristic of a well -defined financial goal? ✔✔It should have a clear and specific time frame. What happens to purchasing power during inflation? ✔✔Purchasing power declines, leading to higher costs for goods. 2 What approach can assist someone in achieving the goal of buying a house? ✔✔Adhering to a budget that facilitates saving. If a college student is considering buying the latest cell phone while on a tight budget, what should be their primary consider ation? ✔✔Whether the new cell phone is a necessity or merely a desire. Which piece of advice represents prudent financial guidance? ✔✔"A penny saved is a penny earned." What are examples of fixed expenses? ✔✔Rent is one example. What are some examples of mandatory deductions from a paycheck? ✔✔Federal withholding tax and FICA contributions. When is it advisable to start contributing to a retirement savings plan? ✔✔As early as possible.
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