FLVS Personal Financial Literacy Module 2 DBA exam 2023 with 100% correct answers
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Course
Personal Financial Literacy
Institution
Personal Financial Literacy
FLVS Personal Financial Literacy Module 2 DBA 2023
-The price of a good or service
-The price of alternatives or substitutes
-Their own income
-Their personal preferences - ANSWER-Factors when making a choice to buy something:
Externalities - ANSWER-Third-party unintended consequences
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FLVS Personal Financial Literacy Module
2 DBA 2023
-The price of a good or service
-The price of alternatives or substitutes
-Their own income
-Their personal preferences - ANSWER-Factors when making a choice to buy something:
Externalities - ANSWER-Third-party unintended consequences
Nondurable Good - ANSWER-Product with a lifespan of less than three years
Interest - ANSWER-Rate paid or charged for use of money
Debit Card - ANSWER-An electronic card issued by a bank that allows bank clients access to their account
to withdraw cash or pay for goods and services
Checking Account - ANSWER-is designed to house money for easy access, either by check or by debit card. In this account, the funds deposited in the bank can be withdrawn by the account holder at will. -Will not earn much money in interest
-May charge a fee to open or maintain an account
-Allow the account holder to withdraw cash easily
-Are easy to use with debit cards and checks
have the potential for identity theft
Savings Account - ANSWER-allows you to earn interest on your money while also providing limited access
to your funds. In this type of account, the funds deposited in the bank can be withdrawn by the account holder at will. However, many may: -Require a minimum balance
-Charge a fee to open or maintain an account
-Have the potential for identity theft
Certificate Deposit - ANSWER-A savings note issued by a bank to a depositor who places funds in savings for a set period.
-earn better interest than traditional savings.
-Bank will charge a fee if money is taken out early.
-require a minimum amount of money to invest.
- are safe ways to save money, but it is hard to get the money out.
Money Market Account - ANSWER-a savings account that offers a higher rate of return in exchange for deposits that are larger than normal.
-This account will not make much money, but more than traditional savings.
-Bank will charge a fee if money is taken out early.
-Bank may require a minimum amount of money in the account.
"Contribution Matching" - ANSWER-Where your employer matches what you select to put into savings, up to a certain amount
Individual Retirement Accounts (IRAs) - ANSWER-popular retirement accounts the U.S. government has created tax incentives to use them. It is an account to which you contribute your after-tax earnings. You can also make withdrawals for eligible education expenses, like college tuition. The tax benefit with these accounts is that when you withdraw the money, it will not be taxed again at that point as income. Traditional versions of this account don't have this benefit; however, some people prefer them because they expect their income to be lower in retirement and thus taxed less than their income now.
you choose whether to participate and how much to contribute, you're automatically signed up unless you indicate otherwise - ANSWER-It's important to know whether a savings program is "opt in," meaning: _______________ , or "opt out," meaning __________________.
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