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W!SE Financial Literacy Test Review #2 Flashcards | StudBud
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W!SE Financial Literacy Test Review #2
W!SE Financial Literacy Test Review #2
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#money#financial#literacy#review
Flashcards
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Questions
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Answers
1
what does FICA stand for?
Federal Institute Corporation Account
Financial Institution Compensation Act
Food Industry Collection Act
Federal Insurance Contributions Act
2
What is the FDIC?
Chinese goverment corporation
US government corporation that provides deposit insurance.
Insurance company that provides free health insurance.
Federal Drivers Insurance Corporation
3
Which of the following is not an institution in the financial services indusrty?
Insurance
Banks
Mortgage
Exchanges
4
What are graduated income taxes?
a tax that is not mandatory
tax that requires you to pay for your income
a tax you have to pay when you buy a house
rates that increase as the amount of taxable income goes up
5
What is a traditional IRA?
a retirement account not to be used for more than 10 years
a retirement account that you share with 1 family member
an individual retirement account
a retirement account used by people over 70
6
Which of these is NOT a fixed cost?
Insurance
Mortgage
Rent
Groceries
7
What is a pension plan?
a retirement plan that is sponsered by an employee
a retirement plan that is sponsered by an employer
a plan only eligible for people over 60
an investment plan
8
What is inflation?
the general rise of price levels
the decline in prices
the rise of stock market prices
an increase in your income
9
What is net worth?
total income plus total budget
the amount of money in your bank account
what you have to pay before insurance pays for anything
total assets minus total liability
10
What is a credit report?
A detailed report of an individual's credit history
How much you plan to spend in a period of time.
A numerical expression
A news letter
11
What is a depression?
a time in which the economy has reached the lowest point.
a discount in a store
feelings of severe despondency and dejection.
a drop in prices in a stock market
12
What is FINRA?
Food industry
Federal Investigation Network Related to America
Private corporation; Acts as a self regulatory organization
Credit union
13
What is a 401K plan?
an account that an employer uses to save for retirement
an account that an employee uses to save for retirement
an account that grows as you age
a plan used for saving for college
14
What is the S.E.C?
A trading route
An independent agency of the US federal government.
Sunday Evening Cooking
Securities Emergency Corporation
15
What is a summary of how you've used your
credit
card for a billing period?
Loan Statements
Checking Account Bank Statement
Credit report
Credit card Statement
16
What is net worth?
total income plus total budget
the amount of money in you bank account
total assets minus total liability
what you have to pay before insurance pays for anything
17
Deflation is
whats left over after all expenses are paid for
when your expenses are more than your income
the cost of consumer goods is actually declining.
when the cost of consumer goods is actually increasing
