W!SE Review

A term that best best describes your gross pay after taxes are deducted is:

• Take-Home Pay
• Net Worth
• Assets
• Total Revenues

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

• Net Pay
• Net Surplus
• Play Money
• Discretionary Income

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

• It is insured.

• It earns interest.

• It is safer.

• It grows.

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

• Credit unions are member owned.

• Banks are non-profit

• Credit unions are for profit

• Banks deal with less cash than credit unions.

Which factor would most likely lead to an increase in the interest rate on a person's credit card?

• number of purchases
• late payments
• number of cash advances
• total amount charged

A person's computer is stolen from their apartment, which insurance covers this?

• renter's insurance
• property liability
• collision
• comprehensiove

The National Credit Union Administration (NCUA) insures accounts in:

• Credit unions
• Savings banks
• Brokerage firms
• Commercial banks

A person buys insurance to:

• start a savings account

• to assure they will get a brand new car each time they make a claim

• protect themselves against financial hardship

• to insure their neighbors in case of a fire

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:

• credit
• taxation
• investing 
• interest

You have a $2,000 loss. Your insurance company pays you $1,500 on the claim for a loss.  The $500 the insurance did not pay is a result of your policy having a:

• hazard clause
• premium
• deductible
• co-insurance clause