Financial Literacy State Test Review UTAH Latest 2024/2025 Updated Questions and Answers Guaranteed 100% Success.
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Course
Financial Literacy State UTAH
Institution
Financial Literacy State UTAH
Credit Card - A plastic card that can be used by the holder to make purchases or obtain cash
advances using a line of credit made available by the card-issuing financial institution.
Career - A life-work chosen by a person to use personal talent, provide some service or goods,
earn money, and co...
Financial Literacy State Test Review
UTAH
Credit Card - A plastic card that can be used by the holder to make purchases or obtain cash
advances using a line of credit made available by the card-issuing financial institution.
Career - A life-work chosen by a person to use personal talent, provide some service or goods,
earn money, and contribute to society.
Charitable Giving - A gift made by an individual or an organization to a nonprofit organization,
charity or private foundation. Charitable donations are commonly in the form of cash, but can also take
the form of real estate, motor vehicles, clothing and other assets or services.
Asset - Any items of value that people own, including cash, property, personal possessions, and
investments.
Automobile Insurance - Insurance purchased for cars, trucks, and other road vehicles. Its primary
use is to provide protection against physical damage and/or bodily injury resulting from traffic collisions
and against liability that could also arise therefrom.
Bank - An institution that handles savings and checking accounts, issues loans and credit, and
deals in government and corporate issued securities.
Bankruptcy - A legal process to get out of debt when you can no longer make all your required
payment.
Beneficiary - The person designated to receive the benefits of the policy upon the death of
another individual.
Benefit - Something the company offers besides a paycheck.
, Bond - A certificate of debt that is issued by a government or corporation in order to raise money
with a promise to pay a specified sum of money at a fixed time in the future and carrying interest at a
fixed rate.
Annual Percentage Rate - The total annual percentage amount it will cost a person to use credit.
Borrowing - Obtaining funds from a lender.
Budget - A plan for spending and saving money based on a person's goals during a given time
period.
Amortization - Payment of a portion of the principle of a mortgage loan, reducing or amortizing
the mortgage amount.
Checking Account - A transaction deposit account at a financial institution that that allows
consumers to make deposit and withdrawals. Money that is in a checking account is very liquid, meaning
it can be easily accessed. It can be withdrawn using checks, automated cash machines and electronic
debits.
Claim - A formal request made to an insurance company for payment for a loss.
Collateral - A form of security to help guarantee that a creditor will be repaid.
Compound Interest - Interest which is calculated not only on the initial principal but also the
accumulated interest of prior periods.
Consumer - A person who purchases and uses goods or services.
Co-signer - Agreeing to be responsible for loan payments if the borrower fails to make them.
Cost of Living - Cost of food, transportation, housing, and other expenses.
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