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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
And Answers 2024
trade off - correct answers ✅the choice you give up when you make one choice over another 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
And Answers 2024
- Aging Stage earned income - correct answers ✅Any income that is generated by working unearned income - correct answers ✅Income received from sources other than employment how to calculate wadges - correct answers ✅hourly rate x number of hours worked = gross income 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
And Answers 2024
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 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
And Answers 2024
special endorsement - correct answers ✅an endorsement that transfers the right to cash the check to someone else, might say on the back "Pay to the order of" APY (annual percentage yield) - correct answers ✅the rate of yearly earnings from an account, including compound interest SMART goals - correct answers ✅Specific, Measurable, Attainable, Realistic, Timely how to calculate simple interest? - correct answers ✅principal x rate x time rule of 72 - correct answers ✅The number of years it takes for a certain amount to double in value is equal to 72 divided by its annual rate of interest. risk - correct answers ✅Degree of uncertainty of return on an asset volatility - correct answers ✅Indicates how much and how quickly the value of an investment, market, or market sector changes.
And Answers 2024
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)
And Answers 2024
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 secure stock - correct answers ✅blue chip stock and t-notes volatile stock - correct answers ✅penny stock (high risk) defines contribution plans - correct answers ✅retirement plan in which an employee and/or employer contributes to the employee's individual account under the defined plan 401(k) plan - correct answers ✅a tax-deferred retirement plan offered to employees by their employer Roth 401(k) plan - correct answers ✅contributions are made with after-tax earnings, but withdraws are not taxed IRA (individual retirement account) plan - correct answers ✅personal account for setting money aside for retirement
And Answers 2024
power of attorney - correct answers ✅a legal document authorizing someone to act on your behalf beneficiary - correct answers ✅one who receives benefits living will - correct answers ✅a statement of instructions for specific medical treatment if a person becomes unable to make medical decisions 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
And Answers 2024
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 Advertsing - correct answers ✅any paid public announcement promoting the sale of a good or service Common color and favorite word in advertising - correct answers ✅Red; Free Consumer Bill of Rights - correct answers ✅the right to safety, the right to be informed, the right to choose, and the right to be heard
And Answers 2024
consumer fraud - correct answers ✅the misrepresentation of information to consumers. bait and switch - correct answers ✅strategy that involves advertising one item and then substituting another item pyramid scheme - correct answers ✅promise investors big returns with low risk; fraudulent investment plan chain letter - correct answers ✅US letters or e-mails that promise a big return for a small investment. Homeowners Insurance - correct answers ✅Provides payment to cover liability losses as well as damage and loss of the home structure and its contents 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
And Answers 2024
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)
And Answers 2024
scarcity - correct answers ✅A situation in which unlimited wants exceed the limited resources available to fulfill those wants factors of production - correct answers ✅land, labor, capital, entrepreneurship supply - correct answers ✅The amount of goods available Equilibrium - correct answers ✅intersection of supply and demand curves; the market is operating at maximum efficiency demand - correct answers ✅Consumer willingness and ability to buy products premium - correct answers ✅an amount to be paid for an insurance policy. deductible - correct answers ✅Amount you must pay before you begin receiving any benefits from your insurance company claims must be filed when - correct answers ✅perils occur
