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Financial Literacy Flashcards | StudBud
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Financial Literacy
Financial Literacy
41 terms
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Vocabulary Insurance, Taxes, Wages & Credit
Flashcards
41 cards
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Questions
41
Answers
1
The total amount owed on a credit card
Due Date
Past Due Amount
Minimum Payment Due
New Balance
2
What are exemptions?
circumstances that add to taxable income
immunity from paying taxes
freedom from imposed requirements
circumstances that allow deductions from taxable income
3
What is a FICO score?
Score used to rate successful football players
Your social media following score
Your graduation High School score
Your credit rating score
4
Salary is typically put into your bank account
Direct Deposit
Gross Pay
Net Pay
Forced Savings Plan
5
Insurance that covers damage to your vehicle after accident
Comprehensive
Risk
No-fault
Collision
6
To build good credit, you should ____________________ .
all of the above
pay bills on time
borrow only what you can afford to repay
have steady income
7
What is credit?
Free money
Allows you to reduce bill
Buy now pay later
8
sales tax is the same in all 50 states
False
True
9
Co-Pay?
There is no payment
The deductible
The portion the Company pays
The portion that you pay before insurance
10
What is Net Pay?
Amount a worker receives after deductions are subtracted.
Money withheld from gross pay.
Your taxes.
Full earnings.
11
What is Chapter 7 bankruptcy?
Eliminating debts to creditors after 7 years
Repayment plan to make installments to creditors
Investing in assets to pay off debts
Liquidation case to pay off debts
12
What is Interest?
Amount of cash gained from working
How much you have to pay your parents
What you pay at the end of the month to your bank
money paid at a particular rate for the use of money lent
13
Which are mandatory deductions from an employee’s paycheck?
Federal and state income tax
FICA
Local taxes
All of these are required
14
Which of the following cannot be discharged in Bankruptcy
Credit Card Debt
Student Loan Debt
Medical Debt
Car Loans
15
At what age can you start using Medicare?
65
55
70
60
16
FICO stand for....
Financial Credit Company
Fair Issac Corporation
Free Credit Company
17
Tax Day is...
January 1
February 17
April 15
April 6
18
Tax paid to the local government on real estate (your property).
Sales Tax
Property Tax
Payroll Tax
Income Tax
19
The Risk-Sharing contract is known as
Liability
Danger
Hazard
Policy
20
Whats discretionary income?
A content warning
Extra money after bills
A lump sum
A money ceiling
21
What is gross pay?
The amount of money earned before deductions
Money received for being a good employee
Amount of money received after deductions
Money that is paid in cash
22
What are the common types of bankruptcy?
Chapter 4 and Chapter 20
Chapter 6 and Chapter 15
Chapter 12 and Chapter 15
Chapter 7 and Chapter 13
23
When should you use a standard deduction on your federal tax return?
When it is greater than your itemized deductions.
When you don't want to calculate your itemized deductions.
When it is less than your itemized deductions.
When it is equal to your itemized deductions.
24
A Proportional Tax is also called a....
Great Tax
Fair Tax
Regressive Tax
Flat Tax
25
Estate tax is a ..?
tax on capitol gains from selling a house
tax on the value of a person's property at a time of death
tax on money withdrawn from a retirement acccount
none of the above
26
Uninsured or Underinsured Motorist covers.
If his policy does not cover your damage
Is not really a good thing
Only if it was his/her fault
Only if it was your fault.
27
What is dividend?
Profit paid to corporation.
Profit paid to shareholders.
Profit paid to stockholders.
Prodit paid to strangers.
28
What is progressive tax?
programs that help in the taxing process
gov. taxing the poor more than the rich
A tax by which gov. takes more from the rich than the poor
tax that progresses into future implementations
29
Which is NOT an example of "Peril" ?
Explosions, Robbery
Holidays, Family, Home
Fire, Windstorm, Accidents
Windstorms, Hail, Tree Damage
30
Comprehensive Insurance
Covers physical damage to a car no matter what
Covers only Mrs. Scarlett
Covers only dings and scratches to a car
Covers physical damage to car after a non-collision incident
31
Which is
not
an example of an itemized deduction?
Birthday gift expenses
Interest on home mortgage
Child-care expenses
Medical expenses
32
Insurance Company
Covers damage to a policy holder's car
year, make and model of a vehicle
A fried chicken restaurant
Financial institution agreeing to compensate for losses
33
FICA deductions are for...
Social Security
Medicare
Health Insurance
Income Tax
34
Your gross income after calculating certain adjustments to income is called
Net Income
Taxable income
Excludible Income
Adjusted Gross Income
35
What is medicaid?
health insurance for older Americans
children's health insurance program reauthorization act
health insurance for low-income and disabled people
state children's health insurance program
36
The CHANCE of loss or injury is known as RISK
False
True
37
To improve an UNFAVORABLE credit rating, a person should
apply for more credit
open a checking account
increase the number of payroll deductions
pay bills on time
38
What's a no-fault auto insurance ?
which drivers have coverage for protection & limits damages
I don't know
a car with 2-rows
a collision that was your fault
39
A loan for a purchase of real estate is called..
credit
mortgage
escrow
down payment
40
Tax Withholding is ...
A plan for saving taxes
Extra money that contribute to your country
Taxes that are taken out of your paycheck every pay.
A kind of income receipt
41
Who told Michael to declare bankruptcy
bratton
cred
creed bratton
crred
