What is the purpose of a residential lease?

It tells you about the lease including the term amount and due date of rent

What is one way to reduce the amount of money you spend on food?

Cook your own food as much as possible

Your school counselor is a great resource for all of the following EXCEPT:

Negotiating lower interest rates with your lenders

Jeremy was paid $5,000, but after taxes, his check was only $2,500. Which statement is true?

His gross pay was $5,000 and his net pay was $2,500

When looking at a Form W-2, what box will reflect gross compensation?

Box 6 - Medicare wages and tips

What should you consider when deciding what college to attend?

The value that college has to you and the net price of attending

How do you know if someone participated in their employer's retirement plan?

On Form W-2, Box 13 - Retirement plan, is checked

What is the difference between WAGES and SALARY?

Salary is given as an annual amount and then paid on a regular basis

What types of money are used in paying for college, and in what order should you use them?

Free money, your money, borrowed money

When looking at a Form W-2, what box will reflect federal income taxes withheld

Box 2 - Federal income tax withheld, Box 6 - Medicare wages and tips

Which statement is TRUE about the value of a college degree?

On average, a college graduate will earn more over their lifetime

Do you know the Muffin Man?

She's married to the Muffin Man, Who lives on Drury Lane?, The Muffin Man?, THE MUFFIN MAN!!!!!

What are the best options to consider when purchasing a car?

Fuel efficiency, Safety, Low Price

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End of Year Final Exam Review - Garcia

20 termsStudBud Administration

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Questions 20

Answers

1
What is the purpose of a residential lease?
It provides the budget that you'll use when trying to pay bills
It makes it illegal for your landlord to evict you
It tells you about the lease including the term amount and due date of rent
It provides renter's insurance in the event that you damage the property
2
True or False: Buying a new car is always the best answer from a financial perspective
True
False
3
What is one way to reduce the amount of money you spend on food?
Always eat takeout, because it's cheaper than going to the grocery store
Eat a big lunch at work from the deli downstairs
Cook your own food as much as possible
Drink more coffee and soda so that you stay full and aren't hungry
4
What mascot did Dr. Murray say that Crandall was changing to?
The Crandall Cowboys
The Mighty Ducks
Koala Bears
Llamas
5
When looking at a Form W-2, what box will reflect state income taxes withheld
Box 6 - Medicare wages and tips
Box 17 - State income tax
Box 1 - Wages, tips and other compensation
Box 2 - Federal income tax withheld
6
Which of the following a recurring expense?
Daily Starbucks fat-free mocha with an extra shot
Rent
Concert tickets
A large car repair bill
7
Your school counselor is a great resource for all of the following EXCEPT:
Comparing different colleges, the costs of attendance, and financial aid
Providing information about scholarships and grants
Negotiating lower interest rates with your lenders
Suggesting specific scholarship opportunities
8
Jeremy was paid $5,000, but after taxes, his check was only $2,500. Which statement is true?
His gross pay was $2,500 and his net pay was $5,000
His gross pay was $5,000 and his net pay was $5,000
His gross pay was $2,500 and his net pay was $2,500
His gross pay was $5,000 and his net pay was $2,500
9
When looking at a Form W-2, what box will reflect gross compensation?
Box 6 - Medicare wages and tips
Box 1 - Wages, tips and other compensation
Box 17 - State income tax
Box 2 - Federal income tax withheld
10
What is something that you should NOT know or consider when buying a home?
Bigger is always better
Know and understand your credit score
Saving for a downpayment
Make sure to get preapproval
11
What should you consider when deciding what college to attend?
The value that college has to you and the net price of attending
The school's mascot and school colors
If the school's football team has won any championship games recently
Where your friends are going
12
True or False: You should only have to pay taxes if you are employed full time
True
False
13
How do you know if someone participated in their employer's retirement plan?
On Form W-2, Box 13 - Retirement plan, is checked
They've been working at their company for at least five years
They don't know where all their money went from their paycheck
They tell you
14
What is the difference between WAGES and SALARY?
Salary is always higher than wages
Wages include benefits
Salary is given as an annual amount and then paid on a regular basis
Wages are always higher that salary
15
What types of money are used in paying for college, and in what order should you use them?
Borrowed money, your money, free money
Free money, your money, borrowed money
Your money, free money, borrowed money
Borrowed money, free money, your money
16
In order to qualify for financial aid, which application must you submit?
SAI
SAVE
FAFSA
PLUS
17
When looking at a Form W-2, what box will reflect federal income taxes withheld
Box 1 - Wages, tips and other compensation
Box 17 - State income tax
Box 2 - Federal income tax withheld
Box 6 - Medicare wages and tips
18
Which statement is TRUE about the value of a college degree?
A high school graduate can expect to start out with the same salary
On average, a college graduate will earn more over their lifetime
A college graduate typically earns more for the first 10 years
Every college graduate will make at least $60,000 at their first job
19
Do you know the Muffin Man?
She's married to the Muffin Man
Who lives on Drury Lane?
The Muffin Man?
THE MUFFIN MAN!!!!!
20
What are the best options to consider when purchasing a car?
Can my friends all fit in it when we go out?
How many modifications can I add to it to give me more rizz?
Fuel efficiency, Safety, Low Price
How new it is, what color it is, and how fast it goes

End of Year Final Exam Review - Garcia Flashcards | StudBud