©BRAINBARTER 2024/2025
General Financial Literacy Course – Utah
Exam Questions With 100% Verified
Answers
401K - answer✔A qualified plan established by employers to which eligible employees may
make salary deferral (salary reduction) contributions on a post-tax and/or pretax basis.
Employers offering a 401(k) plan may make matching or non-elective contributions to the plan
on behalf of eligible employees and may also add a profit-sharing feature to the plan. Earnings
accrue on a tax-deferred basis.
Advertising - answer✔To call public attention to, especially by pointing out desirable qualities
so as to create a desire to buy or do business with.
Annual Percentage Rate (APR) - answer✔The annual rate that is charged for borrowing (or made
by investing), expressed as a single percentage number that represents the actual yearly cost of
funds over the term of a loan. This includes any fees or additional costs associated with the
transaction.
Bank - answer✔A financial institution licensed as a receiver of deposits. There are two types of
banks: commercial/retail banks and investment banks. In most countries, banks are regulated by
the national government or central bank.
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Bankruptcy - answer✔A legal proceeding involving a person or business that is unable to repay
outstanding debts. The bankruptcy process begins with a petition filed by the debtor (most
common) or on behalf of creditors (less common).
Beneficiary - answer✔A person who benefits or is expected to benefit from something; the
person who receives the insurance money when policy funds are dispersed.
Benefits (Employee) - answer✔Include various types of non-wage compensation provided to
employees in addition to their normal wages or salaries.[1] In instances where an employee
exchanges (cash) wages for some other form of benefit is generally referred to as a 'salary
packaging' or 'salary exchange' arrangement. In most countries, most kinds of employee benefits
are taxable to at least some degree. Examples include housing (employer provided or employer
paid), group insurance (health, dental, life), disability income protection, retirement benefits,
daycare, tuition reimbursement, sick leave, vacation (paid and non-paid) social security, profit
sharing, funding of education and other specialized benefits. The purpose of employee benefits is
to increase the economic security of staff and members, and doing so, improve worker retention
across the organization.
Budget - answer✔A financial plan used to forecast and track income and expenses.
Career - answer✔Profession or field of employment for which one trains, such as financial
services or medicine.
Certificate of Deposit (CD) - answer✔A savings certificate entitling the bearer to receive
interest. A CD bears a maturity date, a specified fixed interest rate, and can be issued in any
, ©BRAINBARTER 2024/2025
denomination. CDs are generally issued by commercial banks and are insured by the FDIC. The
term of a CD generally ranges from one month to five years.
Charitable Contributions - answer✔In general, [money given to] a charitable organization that
exists to benefit society as a whole rather than to enrich individual owners or shareholders.
Closing Costs - answer✔Closing costs are fees paid at the closing of a real estate transaction.
This point in time called the closing is when the title to the property is conveyed to the buyer.
Closing costs are incurred by either the buyer or the seller.
Co-signers - answer✔The act of signing for another person's debt which involves a legal
obligation made by the cosigner to make payment on the other person's debt should that person
default. Having a cosigner is way for individuals with a low income or poor/limited credit history
to obtain financing.
Collateral - answer✔Security pledged for the payment of a loan: He gave the bank some stocks
and bonds as collateral for the money he borrowed.
Commision - answer✔A service charge assessed by an investment advisor in return for providing
investment advice and/or handling the purchase or sale of a security. Also a percentage of the
money received from a total paid to the agent responsible for the business.
Comparison Shopping - answer✔Examining different brands or models of a product (to learn
about variations in quality, size, etc.), or the prices charged by different sellers (to learn about
possible cost-savings), before deciding what to buy.
General Financial Literacy Course – Utah
Exam Questions With 100% Verified
Answers
401K - answer✔A qualified plan established by employers to which eligible employees may
make salary deferral (salary reduction) contributions on a post-tax and/or pretax basis.
Employers offering a 401(k) plan may make matching or non-elective contributions to the plan
on behalf of eligible employees and may also add a profit-sharing feature to the plan. Earnings
accrue on a tax-deferred basis.
Advertising - answer✔To call public attention to, especially by pointing out desirable qualities
so as to create a desire to buy or do business with.
Annual Percentage Rate (APR) - answer✔The annual rate that is charged for borrowing (or made
by investing), expressed as a single percentage number that represents the actual yearly cost of
funds over the term of a loan. This includes any fees or additional costs associated with the
transaction.
Bank - answer✔A financial institution licensed as a receiver of deposits. There are two types of
banks: commercial/retail banks and investment banks. In most countries, banks are regulated by
the national government or central bank.
, ©BRAINBARTER 2024/2025
Bankruptcy - answer✔A legal proceeding involving a person or business that is unable to repay
outstanding debts. The bankruptcy process begins with a petition filed by the debtor (most
common) or on behalf of creditors (less common).
Beneficiary - answer✔A person who benefits or is expected to benefit from something; the
person who receives the insurance money when policy funds are dispersed.
Benefits (Employee) - answer✔Include various types of non-wage compensation provided to
employees in addition to their normal wages or salaries.[1] In instances where an employee
exchanges (cash) wages for some other form of benefit is generally referred to as a 'salary
packaging' or 'salary exchange' arrangement. In most countries, most kinds of employee benefits
are taxable to at least some degree. Examples include housing (employer provided or employer
paid), group insurance (health, dental, life), disability income protection, retirement benefits,
daycare, tuition reimbursement, sick leave, vacation (paid and non-paid) social security, profit
sharing, funding of education and other specialized benefits. The purpose of employee benefits is
to increase the economic security of staff and members, and doing so, improve worker retention
across the organization.
Budget - answer✔A financial plan used to forecast and track income and expenses.
Career - answer✔Profession or field of employment for which one trains, such as financial
services or medicine.
Certificate of Deposit (CD) - answer✔A savings certificate entitling the bearer to receive
interest. A CD bears a maturity date, a specified fixed interest rate, and can be issued in any
, ©BRAINBARTER 2024/2025
denomination. CDs are generally issued by commercial banks and are insured by the FDIC. The
term of a CD generally ranges from one month to five years.
Charitable Contributions - answer✔In general, [money given to] a charitable organization that
exists to benefit society as a whole rather than to enrich individual owners or shareholders.
Closing Costs - answer✔Closing costs are fees paid at the closing of a real estate transaction.
This point in time called the closing is when the title to the property is conveyed to the buyer.
Closing costs are incurred by either the buyer or the seller.
Co-signers - answer✔The act of signing for another person's debt which involves a legal
obligation made by the cosigner to make payment on the other person's debt should that person
default. Having a cosigner is way for individuals with a low income or poor/limited credit history
to obtain financing.
Collateral - answer✔Security pledged for the payment of a loan: He gave the bank some stocks
and bonds as collateral for the money he borrowed.
Commision - answer✔A service charge assessed by an investment advisor in return for providing
investment advice and/or handling the purchase or sale of a security. Also a percentage of the
money received from a total paid to the agent responsible for the business.
Comparison Shopping - answer✔Examining different brands or models of a product (to learn
about variations in quality, size, etc.), or the prices charged by different sellers (to learn about
possible cost-savings), before deciding what to buy.
