Financial literacy utah - Study guides, Class notes & Summaries

General Financial Literacy Course - Utah, Financial Literacy State Test Latest Update Graded A+ 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. 4...

Utah Financial Literacy State Test Review Rated A+ Amortization Payment of a portion of the principle of a mortgage loan, reducing or amortizing the mortgage amount. Annual Percentage Rate The total annual percentage amount it will cost a person to use credit. Asset Any items of value that people own, including cash, property, personal possessions, and investments. Budget A plan for spending and saving money based on a person's goals during a given time period. Career A li...

©BRAINBARTER 2024/2025 General Financial Literacy Course – Utah Exam Questions With 100% Verified Answers 401K - answerA 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-de...

Utah financial literacy state final Exam Questions With 100% Verified Answers Time value of money - answerMoney now is worth more than in 20 years A house payment - answerPrinciple, interest, property taxes, and insurance compound interest - answerinterest earned on both the principal amount and any interest already earned Payday Loan - answera relatively small amount of money lent at a high rate of interest on the agreement that it will be repaid when the borrower receives their next pay...

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...

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. 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, b...

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. 403 (b) A U.S. tax-advantaged retirement savings plan available for public education organizations...

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 c...

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. 403 (b) -:- A U.S. tax-advantaged retirement savings plan available for public education o...