money paid at a particular rate for the use of money lent

What is a credit union?

A non-profit depository institution that provides services

What is a late payment fee?

When you don't pay on time and receive a bill

What does a W-4 determine?

Amount of gross income that will be held for taxes

What is a credit card?

A plastic card that holds pre-approved credit

When does your bank charge an ATM fee?

When you use a different bank's ATM

What information is provided by a W-2?

Amount of money earned and paid in taxes in previous years

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Financial Literacy

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A #personal tool for learning #personal financing

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Questions 20

Answers

1
What two tax forms are represented by FICA?
W-4 and well fare forms
Social security and medicare
W-4 and medicare
W-2 and W-4
2
Is a check a legal document you can use like cash?
False
True
3
What is Interest?
money paid at a particular rate for the use of money lent
Amount of cash gained from working
What you pay at the end of the month to your bank
How much you have to pay your parents
4
Whats an advantage of having a credit card?
Temptation to overspend
Feels good in your hands
Convienient
You have to pay interest
5
What is a credit union?
A non-profit depository institution that provides services
A depository institution that can only provide loans
A depository institution that provides financial services
A depository institution that assists in paying only rent
6
What is a late payment fee?
when you pay before the bill is due and receive another bill
When you steal from your bank and receive a bill
When you pay on time and receive a bill
When you don't pay on time and receive a bill
7
What do taxes fund?
Gas stations, Fast food places, and houses
ASPCA, Humane Societies, Banks
Police, Schools, and roads
Grocery stores, movie theaters, and retirement homes
8
What does a W-4 determine?
Amount of money earned and paid in taxes in previous years
The amount you get paid
Amount of gross income that will be held for taxes
It determines American Citizenship
9
What is a credit card?
A card that allows people to access their bank account
A card to pay your mortgage
A card to pay for all of your groceries
A plastic card that holds pre-approved credit
10
ATM stands for Automatic Teller Mechanism
False
True
11
You always have to have your PIN number to use the ATM
False
True
12
When does your bank charge an ATM fee?
Never
When you go Dumpster DIving
When you use a different bank's ATM
Everytime
13
Required charges of citizens by local, state, and federal governments are called taxes
False
True
14
Does a Debit card require your PIN to use?
No
Yes
15
Whats an I-9?
Proof of citizenship
Shows citizenship in L.A.
Shows amount of taxes paid in previous years
Amount of taxes paid during the current year
16
Do you keep your PIN number with your credit cards?
Never
Always
Sometimes
17
What information is provided by a W-2?
Your children's social security numbers
If you're financially fit to provide for your family
How much your employers provide for your family
Amount of money earned and paid in taxes in previous years
18
You should always pay your credit card payments in full
False
True
19
What does PIN stand for?
Personal Investment Number
Probable Investigation Names
Peoples In Nevada
Personal Identification Number
20
What does APR stand for?
American Percentage Rate
Automatic Price Reduction
Apple Product Rate
Annual Percentage Rate

Financial Literacy Flashcards | StudBud