WISE Review #1

Front

What does not count as a source of income? inheritance, stock dividends, taxes, paycheck

Back

taxes

Front

What is an example of unearned income?

Back

bond interest

Front

What can you get a tax exemption for? Options: having people that depend on your income, paying a lot of expenses, paying for education, paying college tuition

Back

having people that depend on your income

Front

What does it mean for something to be liquid?

Back

to convert an asset to cash quickly

Front

What is NOT an example of a source of liquidity? Options: money market account, cash, CD, savings account

Back

CD

Front

What is discretionary income?

Back

income left after taxes and personal expenses have been paid

Front

What is a budget surplus?

Back

income you have is greater than your expenses

Front

What kind of certificate allows you to receive cash on demand?

Back

Money Order

Front

Why does U.S. Currency have value?

Back

people accept it as a medium of exchange

Front

What is opportunity cost?

Back

the value of the best alternative that must be given up