MONEY review for W!SE Financial Literacy Test
practice, practice, practice
Terms in this set (14)
The money originally invested or loaned, on which basis interest and returns are calculated
A loan that is secured by collateral, properties or assets that are subject to seizure on default.
exchange goods without involving money
a legal process that allows part of your paycheck to be withheld for payment of a debt
the total amount you earn before any deductions are subtracted
the amount of a paycheck after the deductions are taken out
a general increase in prices
Federal Insurance Contributions Act; tax levied on both employers and employees to pay for Social Security and medicare
any type of additional income over expenses that is completely unexpected
interest earned on both the principal amount and any interest already earned
interest paid on the principal alone
rule of 72
A quick way to figure out how long it will take to double your money at a given return rate . Interest rate divided by 72.
time value of money
the principle that a dollar received today is worth more than a dollar received in the future
basic economic problem of economics that results from a combination of limited resources and unlimited wants
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