What is a tangible asset?

An asset that has physical from (fixed and current assets)

Increase in prices and fall in the purchasing value of money

Reduction of the general level of prices in an economy

What is a Traditional IRA?

Allows individuals to directly pretax income for investments

How do you determine Net Worth?

assets - liabilities = net worth

Employer plan where employees make salary reductions

What is a pension plan?

Requires employer to contribute to a worker's future benefit

Moral principles that govern a person's behavior

What is a depression?

Sustained, long-term downturn in economic activity

What is an intangible asset?

Intellectual asset (not physical)

Legal agreement by which a bank lends you money for housing

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Financial Planning WISE Test Review

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Questions 18

Answers

1
Who suffers most during deflation?
The rich
Pets
Businesses
Consumers
2
What is a tangible asset?
An asset that has physical from (fixed and current assets)
Intellectual property (not physical)
3
What is inflation?
Sustained, long-term downturn in economic activity
The blowing up of a balloon
Reduction of the general level of prices in an economy
Increase in prices and fall in the purchasing value of money
4
A retirement plan under US law that is generally not taxed is called...
Social Security
Roth IRA
Safety Deposit
Retirement
5
Who suffers most during inflation?
Consumers
The rich
Businesses
Pets
6
How much should you have in emergency savings for unexpected events?
7-10 months of income
3-6 months of income
1 year of income
1-2 months of income
7
What is deflation?
Letting the air out of a balloon
Sustained, long-term downturn in economic activity
Reduction of the general level of prices in an economy
Increase in prices and fall in the purchasing value of money
8
What is a Traditional IRA?
A W2
Allows individuals to directly pretax income for investments
A 401K
Income plan where the government gives an individual money
9
How do you determine Net Worth?
debt - income = net worth
liabilities - assets = net worth
income - debt = new worth
assets - liabilities = net worth
10
What is a 401k?
A Roth IRA
Social Security
The action or fact of leaving one's job and ceasing to work
Employer plan where employees make salary reductions
11
What is a pension plan?
Allows individuals to directly pretax income for investments
Management of large amounts of money
The action or fact of leaving one's job and ceasing to work
Requires employer to contribute to a worker's future benefit
12
Who suffers the most during a depression?
Consumers
The rich
Businesses
Everyone
13
What is ethics?
Moral principles that govern a person's behavior
Sharing a common religion or culture
14
What is a depression?
Reduction of the general level of prices in an economy
Sustained, long-term downturn in economic activity
Feelings of severe despondency and dejection.
Increase in prices and fall in the purchasing value of money
15
What is an intangible asset?
Intellectual asset (not physical)
Asset that has a physical form (fixed and current asset)
16
An example of an intangible asset is......
Stocks
Phone
Computer
Land
17
An example of a tangible asset is.....
Patents
Computer
Stocks
Pizza
18
What is mortgage?
Tenant's payment to a landlord for the use of property
Legal agreement by which a bank lends you money for housing
Being responsible for something, especially by law
Amount of money owed for goods supplied or services

Financial Planning WISE Test Review Flashcards | StudBud