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NAF Exam Study Guide Questions & Answers 2023/2024

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NAF Exam Study Guide Questions & Answers 2023/2024 Financial Literacy - ANSWER-Being Financial Literate is when your able to manage your money well, plan for the future and make reasonable decisions. Needs - ANSWER-Things you can't live without Wants - ANSWER-Things you would like to have Time value of Money - ANSWER-It refers to the idea that a dollar in hand today is worth more than a dollar in the future. In other words, money avaliable now is worth more than the same amount in the future. Interest - ANSWER-It is a payment made in exchange for using money over time. Interest part 2 - ANSWER-If you borrow money from the bank, you pay the bank interest. If you lend the bank money, it pays you interest. Future Value - ANSWER-It refers to the value an investment at some point in the future. Simple interest - ANSWER-Simple interest refer to the interest that you earn on your money. Simple interest is paid when the interest is not reinvested each interest period. (linear) Compound interest - ANSWER-Refers to the interest that you earn on your money. The processor compounding refers to earning interest on your interest. (exponential) Financial Service - ANSWER-The financial services industry helps people, businesses, and governments manage their money. They are heavily regulated by the government and they keep money flowing through the economy.

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