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Part II - Financial Literacy Prep for Wise Test Flashcards | StudBud
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Part II - Financial Literacy Prep for Wise Test
Part II - Financial Literacy Prep for Wise Test
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Financial Literacy Review from Everfi
Flashcards
25 cards
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Practice quiz
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Host live
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Questions
25
Answers
1
Which earns you more money over time?
No interest
Compound interest
Simple interest
2
The ______ tells you how many years it will take an investment to double.
Doublemint twin rule
bank
Rule of 72
3
You should reconcile your checking account
once a year
when you get your monthly bank statement
every six months
every week
4
Which investment offers the lowest risk?
Savings Account
Stocks
Bonds
5
What is the unauthorized use of a credit card?
using a credit card at a gas pump
using a stolen credit card at a store
using a credit card at the store
6
A business with co-owners, in which both parties are legally joined together
Partnership
Entrepreneur
Sole proprietor
Cooperation
7
What is the best form of payment for a part-time employee at Best Buy?
Salary
Commission
Tip
Wages
8
Committing money to an enterprise in order to earn a financial return is known as___.
salary
Plan of action
Investing
9
What type of investment has the highest risk?
Bond
Savings Account
Stocks
10
Someone who organizes, manages, and assumes the risk of owning a business
Entrepreneur
Sole proprietorship
Partner
11
Compounding of interest allows a principal amount to grow at a ____ rate than simple interest.
exchange
faster
slower
12
Pay that is figured under hourly rate
commission
Wage
Bonus
13
A list of steps needed to reach a career goal
Plan of action
Things needed to do
Steps to success
14
PAYMENTS OR PROPERTY GIVEN TO PEOPLE OR INSTITUTIONS, WHICH DO NOT HAVE TO BE PAID BACK
GRANTS
STOCK
BONDS
15
A business owned by a group of stockholders
Corporation
Partnership
Group of friends
Sole proprietor
16
The largest secondary market for stocks/securities in the U.S, is the_________.
NASDAQ
Dow Jones
New York Stock Exchange
17
What is a credit union?
Where ppl with bad credit acquire loans
Non-profit institution that is owned by its members
It's the same as a bank
18
An installment loan is:
a loan paid off in one lump sum
a loan from your mom that you will pay next month
a loan in which you make monthly payments
19
Diversification is __________.
safer than having a portfolio that isn't diversified
buying many different types of stocks to have less risk
buying one type of stock
20
An investment portfolio should always be diverse.
True
False
21
It's best to start saving for retirement when you're about 15 years away from retirement
False
True
22
What is a recession?
A period of prosperity
A period of time in which the economy goes up
A period of time in which the economy goes down
23
What are pensions and 401ks?
Insurance you buy
Ways to save for retirement
Taxes you pay
24
Someone gets your tax documents. If this person is not caught, you will likely be a victim of _
identity theft
murder
tax fraud
25
Which of the following will charge the highest interest rate?
credit unions
Banks
pawn shops and payday lenders
