W!SE Terms Mixed Review

Front

The term that best describes money left over after paying taxes, fixed and other essential living expenses, is:

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Discretionary Income

Front

What is the difference in a bank and a credit union?

Back

Credit unions are member owned.

Front

Which factor would most likely lead to an increase in the interest rate on a person's credit card? Options: number of purchases, late payments, number of cash advances, total amount charged

Back

late payments

Front

The National Credit Union Administration (NCUA) insures accounts in: Credit unions, Savings banks, Brokerage firms, Commercial banks

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Credit unions

Front

Using someone else's money, promising to repay at a future date, and paying a fee for use of the money, is the definition for:

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credit

Front

Collateral is

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something of value that secures a loan to protect the lender

Front

The amount withheld by an employer from an employee's earnings. Typically includes income taxes, FICA taxes, Group Insurance, Pension Contributions, etc.

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Payroll Deductions

Front

Also called "sin taxes," taxes paid on the purchase of goods to encourage or discourage societal behaviors.

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Excise Tax

Front

The best reason for depositing money in a bank or credit union savings account instead of keeping your money “under the mattress” is that

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It is insured.

Front

The central banking system in the United States.

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Federal Reserve