Exam (elaborations)
WISE FINANCIAL LITERACY CERTIFICATION TERM REVIEW QUESTIONS AND ANSWERS
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WISE FINANCIAL LITERACY CERTIFICATION TERM REVIEW QUESTIONS AND ANSWERS
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Name: Score:78 Multiple choice questions
Definition 1 of 78
Employer matches this deduction
401K
NET PAY
FDIC
FICA
Definition 2 of 78
a deduction allowed by law to reduce the amount of income that would otherwise be taxed
exemption
diversification
liabilities
deduction
Definition 3 of 78
put money into savings and retirement accounts to avoid spending it
gross pay
pay yourself first
liability
time value of money
,Definition 4 of 78
an asset pledged by a borrower to a lender, usually in return for a loan
secure- loans protected by an asset/collateral
unsecured- loan with no property or assets to recover (high interest rates, riskier)
certificate of deposit (cd)
collateral (secured vs. unsecured loans)
predatory loans
collision coverage
Definition 5 of 78
corporations provide shareholders with the option to cast a proxy vote (a vote cast by one
person on behalf of another) on certain corporate matters
compound interest
stock owner voting rights and proxy
diversification
liabilities
Definition 6 of 78
the value of shares issued by a company
mutual funds
liability
liabilities
equities
,Definition 7 of 78
be a safe driver
Stay on Honor Roll - Increase deductible
disability insurance
length of debt repayment impact on cost
debt to credit ratio
reduce cost of auto insurance
Definition 8 of 78
financing or investment instruments bought and sold in financial markets
ex. stocks, bonds, notes
insurance
equities
securities
mutual funds
Definition 9 of 78
Auto insure that covers fire, theft, hail and other acts of nature
Deductible
Comprehensive
Collision Coverage
Liability
, Definition 10 of 78
the central bank of the US
regulates the US monetary and financial system "Fed" Bankers Bank"
overdraft protection
fdic
monetary policy
federal reserve
Definition 11 of 78
credit score falls
interest rate increases - never seems to be able to pay off card
consequence of paying minimum payment of paying a credit card bill
benefits of paying off credit card debt in full each month
effect of using cash instead of credit cards for purchases
impact of increasing credit limit on credit score
Definition 12 of 78
a payment made by you each time you see doctor in addition to that made by an insurer
hmo
deductible
ppo
co-pay
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