W!SE FINANCIAL LITERACY CERTIFICATION EXAM BUNDLE

Earned Income - Income derived from active participation in a trade or business, including wages, salary, tips, commissions and bonuses. Unearned Income - Any income that comes from investments and other sources unrelated to employment services. Examples: interest from a savings account, ...

Solutions| A+ Liquidity - The ability to convert an asset to cash quickly Products that are liquid - Stocks and Money Market accounts Gift Cards - a card that is given as a gift with a specified amount of money. There is a monthly inactivity fee that may begin after 12 months. Dis...

A+ Question : To qualify for a Federal Housing Administration (FHA) loan, a person must generally A: have at least a high school diploma. B: have one-quarter of the cost of the home for a down-payment. C: fulfill income guidelines. D: provide two individuals to co-sign the loan. - ...

assets - money and other valuables belonging to an individual or business, e.g a car, a house, stocks/retirement, antiques, collectibles stuff that you OWN opportunity cost - Cost of the next best alternative use of money, time, or resources when one choice is made rather than another So...

Which of the following does the Federal Reserve use to regulate the nation's money supply? - Monetary policy The denominations of coins in the United States are: - $.01, $.05, $.10, $.25, $.50, and $1.00 The primary sources of income for most people between the ages of 20 and 35 who are...

Barter - Exchange goods without involving money. Cash Card/Gift Card - A prepaid payment card that contains a specific amount of money and that anyone can purchase and use, regardless of their credit score. Cashless Society - A society in which purchases of goods or services are made ...

sources of income - wages, stocks, interest, salary exemption - a deduction allowing to reduce the amount of your income that would be taxed liquidity - access to money fast discretionary income - extra money you can use for anything money orders - bought @ bank; if you do...

If you are denied credit based on your credit report, you are entitled to a: - Correct Answer : A: Free copy of the credit report if you request it within 60 days Reason : If requested within 60 days after the denial, you must be provided with a free copy of the credit report from the specific c...

sources of income - wages, rentals, interest, capital, profits, investments, entrepreneurship exemption (aka allowance) and how does it work - allowance is used to reduce amount of taxed income. personal exemptions are given for people with dependents or spouses. company exemptions are give...

Earned Income - Income derived from active participation in a trade or business, including wages, salary, tips, commissions and bonuses. Unearned Income - Any income that comes from investments and other sources unrelated to employment services. Examples: interest from a savings account, ...

ABA number/Check Routing Number - the number printed on a check to identify the specific bank on which the check is drawn ATM card - A payment type similar to a debit card that allows you to make electronic purchases but requires that you enter a PIN (Personal Identification Number) for any...

Sources of income - wages, rentals, interest, capital, profits, investments, entrepreneurship Exemption (aka an allowance)) and how does it work - allowance is used to reduce amount of taxed income Liquidity—what does it mean; what products are liquid - the degree of ease in which a...

If you have a whole life insurance policy with a cash surrender value, and you surrender the policy, what will you receive? - a calculated amount of money which includes part of the premiums paid as well as the interest on that money (because they're not going to give you the whole amount back) ...

3 C's of Credit - Character(credit history), Capacity(ability to repay), Capital(assets) APR - Annual percentage rate; the annual rate of interest that is charged for using credit Chapter 7 - The chapter of the Bankruptcy Code providing for "liquidation" (i.e., the sale of a debtor...