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Financial Literacy - 4th 9 weeks Review Flashcards | StudBud
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Financial Literacy - 4th 9 weeks Review
Financial Literacy - 4th 9 weeks Review
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MP4 - 4th 9 weeks
Flashcards
25 cards
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Questions
25
Answers
1
What information is located on the top left hand side of a check?
Parent name, address, city, state, student ID #
Name, address, city, state, check #, routing #
Parent Name, school address, checking account #, city, state
Name, address, city, state, and at times, driver license #
2
At what age is Medicare offered to individuals?
50+ years
65+ years
55+ years
45+ years
3
Select those that apply. What information do you need to enter when writing a check?
W2, W4, Social Security, Signature
Social Security, Date, Pay to the Order of
Date, Pay to the Order of, Amount
Written amount, Memo, Signature
4
What do “delinquent” payments mean?
A person who is convicted of "identity theft"
A criminal who has not made payments
An "identity theft" victim
An account that is past due, at least 30 days past due date
5
What is the type of form used to balance a checking account (withdraw, deposits, expenses)?
Paycheck
Savings Account #
Check Book Register
W-2
6
When a deposit is made and registered, under what column is the amount entered?
Credit
Debit Card
Credit Card
Debit
7
Select all that apply. What are some ways you can establish credit?
Utilities in borrower's name, department store, gas card
student loans, financial aid, school transcripts, student id
Bank account, employment history, residence history
Cash at hand, medical records, social security
8
When an expense/withdraw is made and registered, under what column is the amount entered?
Debit Card
Debit
Credit Card
Credit
9
What is the second set of numbers on the bottom of a check called and what do they represent?
Check #, the check number being used
Social Security #, your personal Identification #
Routing #, Financial Institution that links to your bank
Checking Account #, your personal checking account #
10
What is a credit report used for?
approval/denial of credit based on creditworthiness
identify hidden fees used by lenders
check your checking/savings account balance
manage your overdraft fees
11
What is an installment loan?
loan in which it does not have a fixed # of payments
a loan in which a fixed # of payments has been predetermined
loan in which hidden fees are applicable at all times
loan in which interest is paid if payments are made late
12
What are the 3 largest credit reporting agencies?
Equifax, FICO and Advantage
Credit Bureau, Credit Score, and Credit Report
Equifax, Experian, and FICO
Equifax, Experian, and TransUnion
13
What is the first set of numbers on the bottom of a check called and what do they represent?
Checking Account #, your personal checking account #
Social Security #, your personal identification #
Check #, the check number being used
Routing#, Financial Institution that links to your bank
14
What is the third set of numbers on the bottom of a check called and what do they represent?
Social Security #, your personal identification #
Check #, the check number being used
Routing #, Financial Institution that links to your bank
Checking Account #, your personal checking #
15
Define co-signer.
person responsible for payments made on time
person responsible for someone's grades
person responsible for loan pymts if borrower fails to pay
person responsible for your credit score
16
Define garnishment.
An informal promise to pay a debt
Court order to withhold employee's wages
Using someone else’s name to get cash or purchase goods.
Loss of Credit
17
What is a revolving credit?
loan that does not have a fixed # of payments
loan in which a fixed # of payments has been predetermined
a loan in which interest is paid if payments are made late
loan in which hidden fees are applicable at all times
18
A retirement fund is also known as?
401K Plan
Medicare
Resignation
Federal Withholding Tax
19
What is the percentage of tax applied when purchasing items and how do you calculate tax?
8.15%, subtract by .0815
8.25%, multiply by .0825
8.15%, multiply by .0815
8.25%, divide by .0825
20
What is the difference between gross pay vs net pay?
gross pay = take home / net pay = total earnings
gross pay = before deductions / net pay = after deductions
gross pay = total earnings / net pay = before deductions
gross pay = after deductions / net pay = before deductions
21
How many digits does a social security # have?
12 digits
19 digits
9 digits
10 digits
22
What is the percentage rate for Social Security and how do you calculate?
1.45 %, multiply gross amount by 0.0145
6.2 %, multiply net amount by 0.062
6.2 %, multiply gross amount by 0.062
1.45 %, multiply net amount by 0.0145
23
What is an IOU?
formal promise that you have excellent credit
formal promise to pay interest
informal promise to pay a loan
informal promise to ask for a loan
24
What is the percentage rate for Medicare and how do you calculate?
6.2 %, multiply gross amount by 0.062
1.45 %, multiply net amount by 0.0145
1.45 %, multiply gross amount by 0.0145
6.2 %, multiply net amount by 0.062
25
Social Security is also known as?
FICA – Federal Insurance Contributions Act
Healthcare
FICO - Fair Isaac Co.
Retirement
