- Study guides, Class notes & Summaries

Adjustable-rate mortgage (ARM) - Answer An adjustable-rate mortgage is a long-term loan you use to finance a real estate purchase, typically a home. The interest rate on an ARM is adjusted, or changed, during its term. Annual percentage rate (APR) - Answer What credit costs you each year, expressed as a percentage of the loan amount. Asset - Answer Assets are everything you own that has any monetary value, plus any money you are owed. Award Letter - Answer The award letter i...

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12 pages

Written in 2026/2027

Grade A+

COCOSOLUTIONS

Values - Answer based on person's beliefs & influence spending habits SMART Goals - Answer Specific, Measurable, Attainable, Realistic, Timely Short Term Goals - Answer less than 1 year Long Term Goals - Answer more than 1 year Financial Goals - Answer goal intended to assure financial security present+future Decision Making Process - Answer Define problem, Brain solutions/alternatives, Consider Consequences of alternatives, MAke decision, Evaluate decision ...

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12 pages

Written in 2026/2027

Grade A+

COCOSOLUTIONS

Short term needs you might encounter include: - Answer Emergencies, Vacations, Social Events, and Major Purchases. What is key for long-term needs? - Answer Proper investing What are some long term needs? - Answer Home ownership, education, retirement (can't count on S.S., have another plan for financial security), and Investing Saving money will allow you to do what things - Answer Make large purchases in the future, invest, and accumulate money for a secure retirement. ...

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5 pages

Written in 2026/2027

Grade A+

COCOSOLUTIONS

mortgage loan companies - Answer offer home loans at competitive rates credit unions - Answer Banks that are owned by their members to create a pool of money for low-interest loans. brokerage firm - Answer Facilitates the buying and selling of investments from a stock exchange financial service companies - Answer offer loans to high-risk borrowers insurance companies - Answer sell policies that compensate for catastrophic events trust companies - Answer financial...

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29 pages

Written in 2026/2027

Grade A+

COCOSOLUTIONS

Savings Account - Answer A deposit at a bank or savings and loan that pays interest, but cannot be withdrawn in check writing. Interest - Answer The amount paid for use of borrowed money. Principal - Answer This is the amount of money you borrow in a loan. You pay this back plus interest. Deposit - Answer To put money into a bank or investment account. Interest Rate - Answer The cost of borrowing money, expressed as a percentage, usually over the period of one year. ...

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4 pages

Written in 2026/2027

Grade A+

COCOSOLUTIONS

credit - Answer an amount of money that a lender or business allows a person to use to purchase goods and services with a promise to repay the money, usually with interest lender - Answer a person or business that loans money interest - Answer money paid by a borrower in exchange for using a lender's money for a certain period of time borrower - Answer someone who is borrowing money with a plan to pay it back income tax - Answer a yearly federal tax on a person's...

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3 pages

Written in 2026/2027

Grade A+

COCOSOLUTIONS

Key components of financial planning include all of the following except: Write out a detailed plan for accomplishing your goals Replace money myths with money truths Buy on credit whenever possible Regularly monitor and re-assess your financial plan - Answer Buy on credit whenever possible Which of the following statements best describes how Americans are Credit is marketed so well that we desire to have it while completely dismissing the fact that interest rates and fees continue t...

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10 pages

Written in 2026/2027

Grade A+

COCOSOLUTIONS

Why should you work to be an informed consumer? - Answer To get the most value for your money A 10-ounce bottle of your favorite lotion that you use each day costs $9.50. The 5-ounce bottle only costs $5. Which is the better deal and why? - Answer The 10-ounce bottle is a better deal because the price per unit is lower. Which review of an online clothing store is more trustworthy and why? REVEIW A: "All 5 shirts were high quality but small. Order a size up" (verified purchase)...

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6 pages

Written in 2026/2027

Grade A+

COCOSOLUTIONS

TRUE or FALSE: You may be charged multiple fees for using an ATM that is not associated with your bank. - Answer True Why is it important to you to establish credit history and become "credit-worthy"? - Answer To get a lower interest rate when you borrow money What should you do with your bank statements? - Answer - Keep them in a safe file for at least a year before shredding - Reconcile them with your records/register -Review them to identify improvements you could make ...

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5 pages

Written in 2026/2027

Grade A+

COCOSOLUTIONS

Which of the following is not a key component of financial literacy? - Answer paying the minimum amount due on your credit cards each month Pick the scenario that best represents the most positive financial outcome. - Answer Madeline has one credit card with a $500 maximum limit. Using her credit card will help her establish a good credit rating to show loan institutions that she is financially responsible. She does not pay any financial costs because she pays the entire amount she borr...

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2 pages

Written in 2026/2027

Grade A+

COCOSOLUTIONS

©BRAINBARTER 2024/2025 General Financial Literacy Course – Utah Exam Questions With 100% Verified Answers 401K - answerA 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-de...

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23 pages

Written in 2024/2025

Grade A+

Brainbarter