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Wise Related Unit 12
Test Description: Wise related unit 12
Instructions: Answer all questions to get your test result.
1) The cost to use someone else's money for a period of time is
A
Installment loan
B
Gross Income
C
Net Income
D
Interest rate
2) When a person brings an item to a pawnshop to obtain cash, the transaction is considered
A
A savings plan
B
Installment loan
C
Interest rate
D
a collateralized loan
3) a loan repaid with interest in equal payments. Car payment
A
A savings plan
B
Net Income
C
Interest rate
D
Installment loan
4) The amount of an individual's take-home pay after taxes have been taken out
A
A savings plan
B
Interest rate
C
Net Income
D
Gross Income
5) the total amount of income from wages before any Taxes are taking out
A
Interest rate
B
Gross Income
C
Net Income
D
A savings plan
6) change from one period to another,examples Electricity and food expenditures
A
variable expenses
B
Interest rate
C
Gross Income
D
A savings plan
7) The true cost of credit that must be disclosed on a loan agreement
A
The annual percentage rate (APR)
B
Interest rate
C
a collateralized loan
D
Installment loan
8) Troy has $50 a month transferred electronically from his checking account to his savings account. This is an example of:
A
A savings plan
B
Gross Income
C
Installment loan
D
Net Income
9) is—a plan for spending money.An estimate (usually by category) of expected income and expenses for a given period of time.
A
PYF
B
Income
C
Surplus
D
Budget
10) You use one credit card to pay the balance on another credit card.
A
Signs of Financial Trouble
B
opportunity cost
C
Deficit
D
Discretionary Income
*select an answer for all questions
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