Financial Literacy Final Exam Review
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Budgeting | show 🗑
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| Salary | show 🗑
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| Wage | show 🗑
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| show | The total amount of money you earned for work
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| show | The amount of money you have left, after deductions. Also known as take home pay.
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| Cost Comparison | show 🗑
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| Cost-Benefit Analysis | show 🗑
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| show | Choosing one option that affects whether or not we can make the other choice when making a spending decision.
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| Cash Flow | show 🗑
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| show | Expenses that are the same each month. (rent, phone, car)
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| show | Expenses that change in price and frequency each month (food and gas)
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| Short Term Goal | show 🗑
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| show | Less than a year to achieve
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| Long Term Goal | show 🗑
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| show | Taxes paid by employees to federal and state government. Collected or withheld from one's paycheck.
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| show | Federal and state taxes that all employers must pay, based on a percentage of the employee's salary. They go to such things as Social Security and Medicare/Medicaid
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| show | A percentage of profits paid by a business to the federal and state government.
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| show | A tax paid on purchases of a specific good, like gasoline.
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| show | A tax on property (cash, real estate, stock, or other assets) transferred from deceased persons to their heirs.
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| show | A program that provides monthly benefits to almost 60 million Americans, including retirees, military families, surviving families of deceased workers, and disabled individuals.
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| Medicare | show 🗑
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| show | A government-run insurance program that provides healthcare assistance to poor Americans.
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| "Safety Net" Programs | show 🗑
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| Mandatory Spending | show 🗑
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| show | Spending by the federal government determined by legislative action. In other words, spending approved through votes by elected officials (i.e. Congress).
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| "Sin" Taxes | show 🗑
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| show | The amount of money needed to sustain a certain level of living, including basic expenses such as housing, food, taxes, and healthcare
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| Real Estate Tax | show 🗑
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| Vehicle/Property Tax | show 🗑
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| Tax Rate | show 🗑
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| show | A range of income amounts that are taxed at a particular rate.
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| Progressive Tax System | show 🗑
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| show | The amount of income that is used to calculate an individual's or a company's income tax due.
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| Marginal Tax Rate | show 🗑
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| Effective Tax Rate | show 🗑
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| show | A category that defines the type of tax return form an individual will use. Closely tied to marital status, it determines the size of your tax brackets and how much of your income is taxed at each rate.
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| Standard Deduction | show 🗑
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| show | An amount of money you can subtract from your taxable income, just for having dependents.
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| show | A form completed by an employee to indicate his or her tax situation (exemptions, status, etc.) to the employer.
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| I-9 | show 🗑
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| W-2 | show 🗑
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| show | Form that details all "non-employee" compensation. This includes income for completing specific jobs, like freelancers or contractors who are effectively self-employed.
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| 1040 | show 🗑
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| 1040-EZ | show 🗑
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| Withholding | show 🗑
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| show | Employee-claimed exemptions on the W-4 to determine how much of an employee's pay to subtract from his or her paycheck.
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| show | A document attached to every paycheck that details your earnings and the amount withheld for taxes, health insurance, retirement funds, etc.
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| Interest Income | show 🗑
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| Capital Gains | show 🗑
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| Dividends | show 🗑
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| Personal Exemption | show 🗑
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| show | You are allowed one exemption for each person you can claim as a dependent. You can claim an exemption for a dependent even if your dependent files a return.
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| Dependent | show 🗑
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| Audit | show 🗑
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| show | The amount of money you have in your bank account.
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| show | Checks the bank has paid. They will appear on your bank statement.
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| Check | show 🗑
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| Checkbook | show 🗑
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| Check register | show 🗑
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| show | A sum of money deposited INTO an account. You can use a credit to charge merchandise or borrow money.
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| show | A sum of money deducted from your account.
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| show | A plastic card that enables you to do ATM transactions and to make purchases instead of using cash or writing a check.
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| show | Money you put into your account.
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| show | A form you fill out to credit money to your account when you make a deposit.
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| Direct Deposit | show 🗑
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| Endorse | show 🗑
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| show | A fee paid to you for keeping your money in the account or a fee charged to you for a loan or credit card.
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| show | To write a check or make a withdrawal when there isn't enough money in the account to pay for it.
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| Post-date | show 🗑
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| Reconcile | show 🗑
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| ATM | show 🗑
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| show | A check with "VOID" written across it that make it non-negotiable.
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| show | The monthly record of your account transactions sent to you by your bank.
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| show | Personal Identification Number needed to use an ATM card.
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| show | A card used when opening a new account that includes name, address, birth date, etc.
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| Payee | show 🗑
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| show | A check that has been written but not yet deducted from the person's bank account.
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| show | A deposit that has been made but not yet added to the person's bank account.
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| show | A card that allows the holder to make purchases without cash by borrowing money
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| show | A card that is loaded with a specific cash amount before you use it but then looks and works like a credit card until the full value is spent.
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| show | An online process that allows you to send money directly from your checking account to a friend via email or cell phone.
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| Check cashing store | show 🗑
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| show | the bank's accounting of your transactions
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| certificates of deposit (CDs) | show 🗑
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| compound interest | show 🗑
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| emergency fund | show 🗑
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| Federal Deposit Insurance Corporation (FDIC) | show 🗑
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| show | The U.S. administration insuring deposits in the U.S. against Credit Union failure
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| pay yourself first | show 🗑
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| principal | show 🗑
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| simple interest | show 🗑
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| show | An account similar to a traditional savings account but that typically pays higher interest. It requires a higher minimum balance, and may allow check writing from the account.
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| direct deposit | show 🗑
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| show | The worth of someone's overall assets (Assets - Debt) or (How much a person own's - How much a person owes)
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| show | A type of account in which you can use pre-tax dollars to pay for out-of-pocket health care expenses.
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| inflation | show 🗑
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| Credit | show 🗑
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| show | An agreement where you are credited with a fixed amount (usually of money) for a fixed period of time, usually with interest
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| Interest Rate | show 🗑
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| show | The amount you borrow
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| Term | show 🗑
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| Collateral | show 🗑
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| Co-signer | show 🗑
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| Installment loan | show 🗑
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| Revolving credit | show 🗑
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| Secured debt | show 🗑
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| Unsecured debt | show 🗑
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| show | Interest rate can change, based on prime rate or index rate, over the course of the loan
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| show | Interest rate is determined before loan is granted and remains constant as long as on time payments are being made
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| show | The paying off debt with a fixed repayment schedule in regular installments over a period of time
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| Credit Card | show 🗑
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| show | A table that appears in credit card agreements showing basic information about the card's rates and fees.
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| Annual Percentage Rate (APR) | show 🗑
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| Grace Period | show 🗑
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| show | he smallest amount of a credit card bill that a credit card holder must pay each billing cycle.
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| show | Higher interest rates that can be triggered by the slightest infraction such as just one payment that is received a day late.
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| show | The transfer of all outstanding balances from one credit card to a new credit card.
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| Cash Advance | show 🗑
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| Authorized User | show 🗑
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| show | A type of credit card that is backed by a savings account used as collateral on the credit available with the card. Money is deposited and held in the account backing the card.
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| Dealership Financing | show 🗑
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| Down Payment | show 🗑
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| show | A contract by which one party (like a car dealer) conveys property (like a car), to another (like a customer) for a specified time, usually in return for a periodic payment.
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| Subsidized Direct Loans | show 🗑
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| Unsubsidized Direct Loans | show 🗑
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| Direct PLUS Loans | show 🗑
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| Consolidation Loan | show 🗑
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| show | Instruments used by individuals and businesses to make large real estate purchases without paying the entire value of the purchase up front.
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| show | The interest rate does not change over the life of the loan.
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| Adjustable-Rate Mortgage (ARM) | show 🗑
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| show | The value of ownership built up in a home or property that represents the current market value of the house less any remaining mortgage payments.
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| Home-Equity Loan | show 🗑
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| show | A line of credit extended to a homeowner that uses the borrower's home as collateral.
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| show | A company that collects and sells information about how people handle credit. The three major national credit bureaus are Equifax, Experian and TransUnion.
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| Credit History | show 🗑
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| show | A document containing financial information about a person, focusing on his or her history of paying obligations, such as mortgages, car payments, utility bills and credit cards.
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| Credit Score | show 🗑
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| show | An item on a person's credit report that indicates that someone has asked for a copy of the individual's report.
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| show | The most commonly used credit score. The name comes from the Fair Isaac Corporation,
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| show | A failure to make a loan or debt payment when due.
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| Collections | show 🗑
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| show | A measurement of the sum of the value of your possessions, account balances, and cash less the debt you owe to others.
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| Credit utilization rate | show 🗑
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| High rate method | show 🗑
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| Debt snowball method | show 🗑
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| Credit counselor | show 🗑
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| Bankruptcy | show 🗑
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| Claim | show 🗑
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| Collision Coverage | show 🗑
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| Copay | show 🗑
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| show | The amount of money you agree to pay towards your losses before your insurance coverage will begin paying
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| Insurance | show 🗑
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| show | Auto insurance that protects you against medical costs for the bodily injury of others and damages to the property of others if you are at fault in an accident
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| show | An estimate of what premium you would pay for a certain insurance coverage plan
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| show | A situation involving exposure to danger, harm, or loss
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| show | A security in which the investor loans money to a company or government, which then pays regular interest to the bondholder and returns the principal on the bond's maturity date
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| Rate Of Return | show 🗑
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| Capital Gain | show 🗑
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| show | Money from the profits of a company that is paid out to its shareholders, typically on a quarterly basis
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| show | An investing tool for individuals to earmark funds specifically for their retirement
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| Mutual Fund | show 🗑
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| Pension | show 🗑
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| Risk (stocks) | show 🗑
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| Stock | show 🗑
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To hide a column, click on the column name.
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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