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