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General Financial Literacy Course - Utah, Financial Literacy State Test Latest 2024/2025 Updated Questions and Answers Guaranteed 100% Success.$7.99
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General Financial Literacy Course - Utah, Financia
General Financial Literacy Course - Utah, Financia
Exam (elaborations)
General Financial Literacy Course - Utah, Financial Literacy State Test Latest 2024/2025 Updated Questions and Answers Guaranteed 100% Success.
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General Financial Literacy Course - Utah, Financia
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General Financial Literacy Course - Utah, Financia
Bankruptcy - A legal proceeding involving a person or business that is unable to repay outstanding
debts. The bankruptcy process begins with a petition filed by the debtor (most common) or on behalf of
creditors (less common).
Benefits - Include various types of non-wage compensation provided to...
General Financial Literacy Course -
Utah, Financial Literacy State Test
Bankruptcy - A legal proceeding involving a person or business that is unable to repay outstanding
debts. The bankruptcy process begins with a petition filed by the debtor (most common) or on behalf of
creditors (less common).
Benefits - Include various types of non-wage compensation provided to employees in addition to
their normal wages or salaries.[1] In instances where an employee exchanges (cash) wages for some
other form of benefit is generally referred to as a 'salary packaging' or 'salary exchange' arrangement. In
most countries, most kinds of employee benefits are taxable to at least some degree. Examples include
housing (employer provided or employer paid), group insurance (health, dental, life), disability income
protection, retirement benefits, daycare, tuition reimbursement, sick leave, vacation (paid and non-paid)
social security, profit sharing, funding of education and other specialized benefits. The purpose of
employee benefits is to increase the economic security of staff and members, and doing so, improve
worker retention across the organization.
Certificate of Deposit (CD) - A savings certificate entitling the bearer to receive interest. A CD
bears a maturity date, a specified fixed interest rate, and can be issued in any denomination. CDs are
generally issued by commercial banks and are insured by the FDIC. The term of a CD generally ranges
from one month to five years.
Annual Percentage Rate (APR) - The annual rate that is charged for borrowing (or made by
investing), expressed as a single percentage number that represents the actual yearly cost of funds over
the term of a loan. This includes any fees or additional costs associated with the transaction.
403 (b) - A U.S. tax-advantaged retirement savings plan available for public education
organizations, some non-profit employers (only Internal Revenue Code 501(c)(3) organizations),
cooperative hospital service organizations, and self-employed ministers in the United States.
,529 Plans - The Utah Educational Savings Plan (UESP) is a nonprofit 529 college savings plan. 529
plans are tax-advantaged savings vehicles designed to encourage individuals to begin to save for the
future costs of higher education. You do not have to be a Utah resident to save with UESP.
Advertising - To call public attention to, especially by pointing out desirable qualities so as to
create a desire to buy or do business with.
amortization table/schedule - A schedule of payments showing the amounts of principal and
interest that make up each payment.
Bank - A financial institution licensed as a receiver of deposits. There are two types of banks:
commercial/retail banks and investment banks. In most countries, banks are regulated by the national
government or central bank.
Beneficiary - A person who benefits or is expected to benefit from something; the person who
receives the insurance money when policy funds are dispersed.
401K - A qualified plan established by employers to which eligible employees may make salary
deferral (salary reduction) contributions on a post-tax and/or pretax basis. Employers offering a 401(k)
plan may make matching or non-elective contributions to the plan on behalf of eligible employees and
may also add a profit-sharing feature to the plan. Earnings accrue on a tax-deferred basis.
Budget - A financial plan used to forecast and track income and expenses.
Career - Profession or field of employment for which one trains, such as financial services or
medicine.
Charitable Contributions - In general, [money given to] a charitable organization that exists to
benefit society as a whole rather than to enrich individual owners or shareholders.
, Chex-Systems - The Chex Systems, Inc. network is comprised of member financial institutions that
regularly contribute information on closed checking and savings accounts. ChexSystems shares this
information among its member institutions to help them assess the risk of opening new accounts.
Co-signers - The act of signing for another person's debt which involves a legal obligation made by
the cosigner to make payment on the other person's debt should that person default. Having a cosigner
is way for individuals with a low income or poor/limited credit history to obtain financing.
Collateral - Security pledged for the payment of a loan: He gave the bank some stocks and bonds
as collateral for the money he borrowed.
Commisions - A service charge assessed by a broker or investment advisor in return for providing
investment advice and/or handling the purchase or sale of a security.
Comparison Shopping - Examining different brands or models of a product (to learn about
variations in quality, size, etc.), or the prices charged by different sellers (to learn about possible cost-
savings), before deciding what to buy.
Compound Interest - Interest paid or to be paid both on the principal and on accumulated unpaid
interest.
Direct Deposit and Direct Debit - Being paid or paying electronically via ACH.
Remote Check Deposit - Imaging and depositing a check using a smartphone. on-line bill pay.
Mobile Payments - Through Apple Pay, Softcard, Google Wallet.
Consumer to Consumer (C2C) - Payments through services such as PayPal, Popmoney, Square
Cash.
Reloadable Prepaid Debit Cards - Such as Green Dot and American Express Serve.
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