When a supply and demand chart's coordinates are plotted on a graph, equilibrium is __________.

where the supply and demand curves intersect.

The Form W-4 determines

the deductions employers should withhold from your paycheck

Long-term liabilities include __________.

the unpaid amount of a home mortgage

The social security taxes deducted from your earnings today pay for:

the benefits others are currently receiving

Fixed expenses include ____________.

installment payments, insurance premiums, and rent

What is the difference between a debit card and a credit card?

payments w/ a debt card are immediately taken from account

What agency regulates and sets standards for the safety of consumer and children's products?

CPSC Consumer Product Safety Commission

The Form W-2 determines

how much tax was withheld from your paycheck last year

US government agency that protects bank customers by insuring deposits.

Federal Deposit Insurance Corporation (FDIC)

What is meant by a progressive tax?

Higher income pay higher tax rate than those w/ lower income

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FS Financial Literacy Overview SGO Goodwin

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Personal Finance Overview

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Questions 20

Answers

1
When lenders lend money to borrowers, they charge a fee. This fee is called;
Stock
Credit
Debit
Interest
2
When a supply and demand chart's coordinates are plotted on a graph, equilibrium is __________.
a negative slope
where the supply and demand curves intersect.
a positive slope
found at 0 on the x-axis.
3
The Form W-4 determines
how much tax was withheld from your paycheck last year
the deductions employers should withhold from your paycheck
if you should use the long or short form to file your taxes.
your eligibility for tax credits
4
Long-term liabilities include __________.
the unpaid amount of a home mortgage
unpaid balances on credit cards
Medical Bills
taxes
5
The social security taxes deducted from your earnings today pay for:
all of the above
the benefits you will receive at retirement
the health care needs of the poor
the benefits others are currently receiving
6
You can help prevent financial crisis by ____________.
not using caution when considering financial matters
reliance on credit
establishing an emergency fund
spreading payment for costly items over long periods of time
7
What is the key incentive for individuals and businesses to produce goods and services?
Profit
Competition
Job satisfaction
Government Regulation
8
Fixed expenses include ____________.
installment payments, insurance premiums, and rent
All of the above
birthday and holiday gifts and vacations
new clothes, entertainment, and food
9
What is the difference between a debit card and a credit card?
debit cards can only be used for large transactions
debit cards provide better consumer protection
payments w/ a credit card are immediately taken from account
payments w/ a debt card are immediately taken from account
10
Which of the following is one of the four qualities of a market economy?
Innovation
Free Economic choice
Scarcity
Opportunity cost
11
The Federal Government's Fiscal Policy refers to:
National Defense
Taxing and Spending Policies
Interest Rates
Regulating Embargos
12
________ is also called "take-home pay"
Net Income
W-4
Gross Income
W-2
13
Traveler's Check are checks than can be cashed in most places around the world.
False
True
14
What agency regulates and sets standards for the safety of consumer and children's products?
EPA Environmental Protection Agency
FDIC Federal Deposit Insurance Corporation
FTC Federal Trade Commission
CPSC Consumer Product Safety Commission
15
Inflation is likely to occur when there is not enough money in circulation.
True
False
16
The Form W-2 determines
your eligibility for tax credits
if you should use the long or short form to file your taxes
how much tax was withheld from your paycheck last year
the deductions employers should withhold from your paycheck
17
Taxes are imposed in the US on 3 different levels: What are the 3 levels?
Police, Fire, and Roads
W-2, W-4, 1040 EZ
Education, Libraries, and Public Transportation
Federal, State, Local
18
When it comes to personal savings, what does the acronym PYF stand for?
Prepare for your future.
Pay Yourself First
Pay your Friends
Prepay Your Finances
19
US government agency that protects bank customers by insuring deposits.
Savings and Loan Association
Mutual Savings Bank
Federal Deposit Insurance Corporation (FDIC)
National Credit Union Administration
20
What is meant by a progressive tax?
People with lower incomes do not pay any taxes.
Every taxpayer pays the same amount of taxes.
Lower income pay higher tax rate than those w/ higher income
Higher income pay higher tax rate than those w/ lower income

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