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Exam (elaborations) SLS 1122 Financial Literacy Test Review-Key Terms

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SLS 1122 Financial Literacy Test Review—Key Terms

Institution
SLS 1122
Course
SLS 1122

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A result of making an employer driven high-skill/high-demand career plan.


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Increased wages

,Purchased for cars, trucks, and other road vehicles. Its primary use is to provide
protection against physical damage and/or bodily injury resulting from traffic
collisions and against liability that could also arise therefrom.


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Automobile Liability Insurance




Form sent from employers each year by January 31st for each employee from whom
Income, social security, or Medicare tax was withheld.


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W-2 Form




The cost of money that is borrowed, which is usually a percentage of the borrowed
amount.


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Interest




Refers to the ability to put off something mildly fun or pleasurable now in order to
wait for something that is great fun, pleasurable, or rewarding later. For example, you
could watch TV the night before an exam, or you could exhibit delayed gratification
and study for the exam.


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, Delayed Gratification




Minimum amount for an emergency/opportunity fund. First Priority of a Budget.


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$1,000




A legal proceeding involving a person or business that is unable to repay outstanding
debts. It begins with a petition filed by the debtor (most common) or on behalf of
creditors (less common).


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Bankruptcy




A rise in the general or average price level of all the goods and services produced in
an economy.


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Inflation




The form that must be completed to apply for Pell Grants; Supplemental Educational
Opportunity Grants; Stafford Loans (subsidized and non-subsidized); Perkins Loans;

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Institution
SLS 1122
Course
SLS 1122

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