Wise Practice Test (with complete solutions)

budget variance. correct answers the difference between the budgeted amount and the actual amount that you spend debt ratio correct answers shows the relationship between debt and net worth. debt ratio correct answers The lower the ratio the better off financially the person is. debt ratio correct answers calculated by dividing liabilities by net worth excise tax correct answers government imposes a tax on specific goods and services such as alcohol, cigarettes, gasoline, and airline capital gains correct answers are profits made from the sale of capital assets such as stocks and bonds Capital gains correct answers tax deferred until the asset is sold, Capital Gains Tax correct answers If held over one year are considered long-term capital gains and are taxed at a lower tax rate or in some cases are not taxed at all. variable expenses correct answers change from one period to another,examples Electricity and food expenditures get advice from your friends correct answers will help you the least in managing your money? Financial planning correct answers the process of developing and implementing a coordinated series of actions to achieve financial success. Financial planning correct answers need to be reviewed and adjusted to accommodate changing needs and goals. emergency fund correct answers Should be an important consideration when saving money liquidity correct answers being in cash or easily convertible to cash, How easily an asset can be converted into cash Social Security correct answers benefits depends on the person?s earnings over a lifetime of work Department store charge cards. correct answers open-end credit Department store charge cards. correct answers is a revolving live of credit that is offered by banks There is a limit set on the line of credit and the funds