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W! SE Financial Literacy Test - Frequently Missed well answered-

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Course Financial Literacy
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W! SE Financial Literacy Test - Frequently Missed well answered-

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W! SE Financial Literacy Test -
Frequently Missed well answered

What is given up when a choice is made - ANS ✔✔Opportunity cost



The degree to which assets can be sold for cash - ANS ✔✔Liquidity



Wages/salary, interest from savings or investments - ANS ✔✔Sources of income (both earned
and unearned)



Used to reduce the amount of taxable income (Typically found on your 1040) - ANS
✔✔Exemption (or allowance)



Money left over after paying for necessary expenses (i.e. rent/mortgage, utilities, credit card
bills) - ANS ✔✔Discretionary income



Automatically routing some money from your paycheck to savings (before paying bills) - ANS
✔✔Pay Yourself First



"Interest on interest"; calculated on both the principal amount and the accumulated interest. -
ANS ✔✔Compound Interest



A sum of money is worth more now than the same sum will be at a future date due to its
current earnings potential. The longer the time you keep your money invested, the more
interest you will earn. - ANS ✔✔Time value of money (TVM)

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