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Exam And Answers 2024
Needs - correct answers✅ things that are required in order to live Wants - correct answers✅ things a person desires but can live without To-Be Goals - correct answers✅ related to personality and character To-Do Goals - correct answers✅ goals that contain things you might want to accomplish in your life To-Have Goals - correct answers✅ easily identified goals that continually change Short term goals - correct answers✅ goals that can be accomplished within three months to a year. medium term goals - correct answers✅ things you expect to achieve in the next two to five years long term goals - correct answers✅ a goal that you plan to reach over an extended period of time trade off - correct answers✅ the choice you give up when you make one choice over another
Exam And Answers 2024
opportunity cost - correct answers✅ the value of the option you gave up systematic decision making - correct answers✅ 1. define the decision to be made
- explore all alternatives
- choose best alternative
- act on decision
- evaluate the solution or decision recession - correct answers✅ a period of slow or no economic growth inflation - correct answers✅ period of rapidly increasing prices budget - correct answers✅ A plan for making and spending money fixed expenses - correct answers✅ Costs that do not change from month to month variable expenses - correct answers✅ expenses that change from month to month income - correct answers✅ any form of money received
Exam And Answers 2024
what counts as overtime - correct answers✅ when you work over 40 hours a week calculate overtime pay - correct answers✅ 1.5 x your hourly rate tax return - correct answers✅ a report containing information used to calculate taxes owed by the taxpayer who needs to file taxes? - correct answers✅ any working person What is the most common form for taxes? - correct answers✅ 1040EZ government spending - correct answers✅ spending by all levels of government on final goods and services (gov) mandatory spending - correct answers✅ pays for medicare and medicade (gov) discretionary - correct answers✅ anything else they want to spend their money on direct tax - correct answers✅ a tax an individual pays directly to the government
Exam And Answers 2024
indirect tax - correct answers✅ A tax levied on one party but passed on to another for payment progressive tax - correct answers✅ A tax for which the percentage of income paid in taxes increases as income increases regressive tax - correct answers✅ A tax for which the percentage of income paid in taxes decreases as income increases proportional tax - correct answers✅ A tax in which the average tax rate is the same at all income levels. 2 most common types of banks used - correct answers✅ commercial bank and community bank Credit Union - correct answers✅ A nonprofit financial institution that is owned by its members and organized for their benefit. NOT A BANK overdraft - correct answers✅ A check written for more money than your account contains EFT ( electronic funds transfer ) - correct answers✅ movement of money electronically from one financial institution to another; it's safe and secure
Exam And Answers 2024
volatility - correct answers✅ Indicates how much and how quickly the value of an investment, market, or market sector changes. Liquidity - correct answers✅ the ease with which an asset can be converted into cash two types of markets for trading stock - correct answers✅ primary and secondary Primary market - correct answers✅ when a company first sells stock to the public secondary market - correct answers✅ Exists when investors purchase securities from other investors rather than from the issuing company. What do you have to have to trade stock - correct answers✅ IPO
- initial public offering IPO (initial public offering) - correct answers✅ the first sale of stock by a company to the public What are the # 1 and # 2 stock companies in the world - correct answers✅ #1 NYSE (New York stock exchange) and #2 ASE (American stock exchange)
Exam And Answers 2024
T-bills - correct answers✅ short term debt obligations. issued weekly in maturities of 4,13,26 weeks. always short term instruments of less than 1 year. T-Notes - correct answers✅ short term securities with maturities of 3, 5, 7, or 10 years T-Bonds - correct answers✅ long term investments with maturities of 30 years Series EE Bonds - correct answers✅ a non marketable, interest- bearing U.S. Government savings bond issued at a discount from the par value. Interest is exempt from state and local taxation. (safe and secure) prosepectus - correct answers✅ a legal document that gives a detailed description of a security buy and hold investment strategy - correct answers✅ buying securities and holding the for long-term gains as opposed to frequent trading Dollar-Cost averaging investment strategy - correct answers✅ investing a set dollar amount on a regular basis instead of buying a specified number of shares each time stable stock - correct answers✅ government bonds and t-notes
Exam And Answers 2024
predatory lending - correct answers✅ policy of making loans to high-risk borrowers who are unlikely to be able to repay debit card - correct answers✅ A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder credit card - correct answers✅ A plastic card used to make purchases now and pay for them later. open-end credit - correct answers✅ agreement that allows the borrower to use a specific amount of money for an indefinite period of time closed-end credit - correct answers✅ a loan for an agreed amount of money that must be repaid with interest by a specified date or according to a defined schedule Three Credit Bureaus - correct answers✅ equifax, experian, and trans union LLC Savings strategy - correct answers✅ pay yourself first APR (Annual Percentage Rate) - correct answers✅ annual cost 20/10 rule - correct answers✅ your total borrowing should not exceed 20 percent of your yearly take-home pay, and you should
Exam And Answers 2024
not take on monthly payments that total more than 10 percent of your monthly take-home pay Bankruptcy - correct answers✅ A legal process to get out of debt when you can no longer make all your required payments; stays on your credit report for 10 years ch 7 bankruptcy - correct answers✅ eliminates most types of debt and stays on a person's credit report for 10 years; most common type ch 13 bankruptcy - correct answers✅ permits debtors with regular incomes to pay all or a portion of their debts under the protection and supervision of the court Truth in Lending Act - correct answers✅ An act which requires lenders to inform borrowers of all direct, indirect and true costs of credit. Dodd-Frank Wall Street Reform and Consumer Protection Act - correct answers✅ increases the regulation of the banking and financial services industry impulse buying - correct answers✅ An unplanned buying behavior resulting from a powerful urge to buy something immediately
Exam And Answers 2024
Automobile Insurance - correct answers✅ Provides payments for both liability and property insurance on a vehicle homeowners and auto insurance - correct answers✅ has policy number, has a premium and a deductible higher deductible - correct answers✅ lower premium homeowner floater - correct answers✅ is extra protection when you buy a new expensive item that is not originally covered Health Insurance - correct answers✅ Insurance that covers medical illness or injury. has policy, premium, co-pay and deductible Disability Insurance - correct answers✅ You must file a claim, it has policy number, premium, and a waiting period Life Insurance - correct answers✅ policy, premium, and it has a beneficiary Renters Insurance - correct answers✅ a type of insurance that covers the loss of a tenant's personal property as a result of damage or theft when you are renting What to look for when looking to buy a home - correct answers✅ location
Exam And Answers 2024
whole life insurance - correct answers✅ Insurance that is kept in force for a person's entire life and pays a benefit upon the person's death, whenever that may be. Term Life Insurance - correct answers✅ Life insurance that pays a death benefit if the policyholder dies within a specific time period but has no remaining value at the end of this time. Double Indemnity - correct answers✅ a benefit under which the company pays twice the face value of the policy if the insured's death results from an accident Traditional Economy - correct answers✅ a system in which economic decisions are based on society's values, culture, and customs Market Economy (Capitalism) - correct answers✅ privately owned businesses create goods that people buy in markets; limited government regulation or interference (Free) command economy - correct answers✅ An economic system in which the government controls a country's economy. (China) mixed economy - correct answers✅ A combination of a command and market economy (United States and Japan)
Exam And Answers 2024
labor - correct answers✅ Human effort directed toward producing goods and services Entrepreneurship - correct answers✅ the process of starting, organizing, managing, and assuming the responsibility for a business
