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Financial Literacy Quiz Review Flashcards | StudBud
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Financial Literacy Quiz Review
Financial Literacy Quiz Review
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Answers
1
Which of these is NOT a way to put money into your checking account?
Depositing a paycheck
Using a debit card at the store
Receiving a person-to-person payment from a friend
Direct deposit
2
If you own your own business, you ALWAYS have to file a tax return
False
True
3
True or False: how much money you make is included on your W-4
True
False
4
Which of these is NOT a way to ACCESS the money in your checking account?
Taking cash out of an ATM with your debit card
Depositing a paycheck inside of a bank
Writing a check to pay your rent
Using your debit card at a store
5
True or False: Your social security number is included on your W-4.
False
True
6
What is money taken out of each paycheck and given to the federal government to lower your taxes at end of year?
Tax write-off
Tax shelter
Withholding
Deduction
7
What's the name of this cat?
Whiskers
Emily
Angel
Violet
8
What form do you complete when you start a job to determine how much money is withheld from your federal and state taxes
W-2
W-8
1040
W-4
9
What form do you fill out to determine your tax refund or how much you still owe in taxes?
1080
W-4
1040
W-8
10
What form does your job send you at the end of the tax year that states your income & taxes paid in the previous year?
W-2
1040
W-8
W-4
11
In 2020, you DIDN'T have to file taxes if you worked for someone else AND made less than _________?
$12,400
$350
$7,150
$133, 000
12
What form do you complete when you start a job to prove you are eligible to work in the US?
1040
W-2
W-4
I-9
13
Which of the following methods of preparing your taxes is usually the MOST expensive?
Filling out paper taxes yourself
Using tax software like TurboTax
Asking Mr. Kohut to do it for you
Hiring a professional
14
Which of the following fees would a bank charge you if you spend more money than you have in your checking account?
ATM Fee
My Bank Hates Me Fee
Maintenance Fee
Overdraft Fee