what is traditional IRA?

an induvidual retirment account

Private corporation; Acts as a self regulatory organization

what is a pension plan?

a retirment plan that is sponsered by an employer

What are graduated income taxes?

a rate that increases as the amt of taxable income goes up

An independent agency of the US federal government.

the general rise of price levels

US government corporation that provides deposit insurance.

a time in which the economy has reached the lowest point.

an account that an employee uses to save for retirement

what does FICA stand for?

Federal Insurance Contributions Act

total assets minus total liability

the cost of consumer goods is actually declining.

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Wise Financial Literacy Test Review

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Questions 17

Answers

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

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