Financial Literacy Chapter 3

Using a computer-based money management system, doesn't require a hard-copy record.

Putting aside money to go on a spring break trip with friends is an example of sharing.

If you own a business, you must pay 6.2% of your gross income to Social Security.

Take Home Pay  = Net Pay

A reliable car is a ______; a luxury car is a want.

Your bank should request you to update your personal and financial information upon login.

W-2 shows the total amt. your employer has withheld from your gross pay & sent to the govn't.

Your taxable income is based on your total income minus any deductions.

It is illegal for employers to track employees' computer use on their work equipment.

Which is not a type of sharing?

Your financial plan should use the ________ system to reflect your values.

Everyone who works must pay

A budget should reflect the three

The length of time for which an employee's wages are calculated on a pay stub is a pay period.

When setting your financial goals, make sure they are specific, measurable, and _____________.

Which is not a step in setting up a financial plan?

If you spend more that you have in your bank account, you will be charged an _____.

The more tax allowances you claim on your Form W-4, the larger your paycheck will be.

If you are single and do not itemize deductions, you should use _ to file your income taxes.

The fewer exemptions you claim, the more likely it is that you will receive a tax refund.

When banking online, you will have to enter your username and SS # at the login page.

The amount of your paycheck depends on the number of deductions you claim on your Form W-4.

Fringe benefits include all of the following except

Which does being a philanthropist require:

You will need to use your Form W-2 to file your income tax return.

People who have worked may collect retirement benefits from the Fed. Govn't's SS program.

What describes good work ethic?

FICA includes Social Security and Medicare.

Combining community service with your studies is ____.

Which of the following does not describe an effective filing system?