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financial literacy Mrs. Shah Flashcards | StudBud
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financial literacy Mrs. Shah
financial literacy Mrs. Shah
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#financial literacy
Flashcards
19 cards
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Answers
1
A loan to buy real estate
Down payment
Mortgage
Rent
Loan
2
A tax form an employee fills out that tells the IRS how much money to take out of the paycheck.
W-6
W-8
W-4
W-2
3
How is gross income different than net income?
Gross income is $ spent on bad stuff & net is spent on good.
Gross income helps the government but net income doesn't.
Gross income is $ earned BEFORE taxes and net is After taxes
4
A request you make to an insurance company for payment of the benifits allowed by your covarge.
Demand
EOB
Claim
Premium
5
A bank deposit against which checks can be drawn by the depositor
Loan
Checking Account
Savings Account
6
Which of the following can help you start establishing a positive credit history?
Opening a savings account
Applying for a loan
Getting a strong review from your boss
Getting good grades
7
A valuable possession such as property, business equipment, real estate or stocks
Checking Account
Assets
Income
8
Which of the following shows when a budget is balanced?
Income > Expenses
Expenses > Income
Income = Expenses
idk
9
In order to avoid identity theft, you should use caution when sharing which of the following
Your credit card number
All of the above
Your social security number
Your birthday
10
A plan for how much income will be received and how it will be spent is called a
Checks
Money Plan
Savings
Budget
11
or more is considered a good credit score.
700
580
775
625
12
Which of the following is also called gross income?
nasty income
Total earnings
Net Income
Payroll taxes
13
This is an Example of a Want:
Nail Polish
Bread
Gas for Your Car
14
A scam where someone tried to deceive you into providing personal information.
Phishing
scheming
Fishing
Identity theft
15
What is a disadvantage about using a credit card INSTEAD of a debit card?
Money comes out of your account slower
You have to pay interest on a credit card.
The bank doesn't like it when you use your credit card.
16
Investment that are riskier tend to provide higher returns over time than investments with less
False
Don't know
True
all of the above
17
Which statement about sales tax is NOT true?
The sales tax is based on the value of an item.
You can find the amount of sales tax in a sales tax table.
The item's price is necessary to determine the sales tax.
The sales tax is the same as the income tax.
18
This is an example of a Need:
Cellphone
Hollister Sweatshirt
Brand New Truck
19
What is also called earnings after taxes?
Net Income
Gross Income
Payroll taxes
