Why do many people think it is better to not receive a refund from the IRS at the end of the year?

a. you are giving them $ tax free instead of putting that $ into an accoun

Esther is pregnant with her first baby. In college she ran up credit card bills. She's still charging her card...

a. Stop using all credit cards at once

Who completes a W-4 Form and when?

d. All employees must fill out a W-4 form when they start a new job.

What do the initials ATM represent when used in the far left column of a check register?

c. A cash withdrawal from an automatic teller machine

To prepare for a health emergency, what is a good way to ensure you will not be faced with huge medical bills?

a. Pay extra for a health plan that pays more for each medical incident.

What do you need to calculate your net income?

c. Your gross income and standard deductions.

What tradeoff would you expect to make for choosing to be a teacher?

c. More personal satisfaction for less income

How do depreciating assets hurt your financial health?

a. They decrease your net worth.

Which of the following is the best example of a good debt that increases your financial security?

a. Building equity in your home

Which of the following are standard payroll deductions?

d. All of the choices are correct.

Why are "standard" deductions called that?

b. There are also optional deductions.

Which of the following is a good method for establishing credit?

c. Establishing a Checking account

Why does selecting a type of employment involve tradeoffs?

b. No job offers everything a person wants or needs.

What is the purpose of a W-4 form?

d. helps an employer determine how much income tax to deduct from an emplo

What factors will lenders consider when deciding whether or not to help you establish credit for the 1st time?

d. All of the choices are correct.

What does FICA stand for?

c. Federal Insurance Contributions Act

Why should you compare your checkbook register with your bank statement every month?

b. To adjust for interest earned or fees charged

What tradeoff would be involved in taking a job as a salesperson who travels more than 50% of the time?

b. Less leisure time for more income

What is the purpose of the 1040 series of tax forms?

b. To file individual tax returns

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FCS 1.03 Managing Your Money

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Questions 30

Answers

1
Why do many people think it is better to not receive a refund from the IRS at the end of the year?
a. you are giving them $ tax free instead of putting that $ into an accoun
d. you never file taxes
c. you put the Social Security number on your W-2 Form
b. you should not expect the government to send you a check
2
Esther is pregnant with her first baby. In college she ran up credit card bills. She's still charging her card...
d. Use money she planned to spend on her medical bills to pay her credit ca
a. Stop using all credit cards at once
b. Only use credit cards once in a while
c. Keep her spending habits the same
3
Who completes a W-4 Form and when?
d. All employees must fill out a W-4 form when they start a new job.
b. Employers complete W-4 forms at the end of the year.
c. Employers complete a W-4 form when a worker is first hired.
a. People complete a W-4 form when they have a child
4
Which of the following is a potential tradeoff involved in choosing a type of employment?
c. Personal Satisfaction
b. Vacation Time
a. Income
d. All of the above
5
What do the initials ATM represent when used in the far left column of a check register?
b. A check that was written and cashed
d. An electronic debit made online
c. A cash withdrawal from an automatic teller machine
a. An automatic deposit from a job
6
Which type of policy should you purchase when moving into off-campus housing at college?
c. Property Insurance
d. Health Insurance
b. Renter's Insurance
a. Homeowner's insurance
7
To prepare for a health emergency, what is a good way to ensure you will not be faced with huge medical bills?
b. Decide not to pay for health insurance
d. Don't ever go to the doctor, even if you are very sick.
c. Donate money to the hospital you frequent the most.
a. Pay extra for a health plan that pays more for each medical incident.
8
What is usually the highest expense in a month?
b. Meals out & entertainment
c. Rent
d. Electricity
a. Car loan
9
Which of the following expenses is a discretionary expense?
c. Rent
d. Car Insurance
a. Electricity
b. Cable TV
10
Which of the following is a variable expense?
a. Car Loan
b. Gasoline
d. Renter's Insurance
c. Internet
11
How much is the standard FICA deduction from most paychecks?
d. 5%
c. 12.00%
b. 7.65%
a. 3%
12
What do you need to calculate your net income?
d. Your gross income and the number of years you expect to work.
c. Your gross income and standard deductions.
a. Your standard and optional deductions.
b. Your gross income and optional deductions.
13
What tradeoff would you expect to make for choosing to be a teacher?
a. More vacation time for less personal satisfaction
b. More income for less personal satisfaction
c. More personal satisfaction for less income
d. Less vacation time for more benefits
14
How do depreciating assets hurt your financial health?
b. They increase your discretionary spending.
c. They lower your FICO score.
a. They decrease your net worth.
d. They increase your equity.
15
Which of the following is the best example of a good debt that increases your financial security?
a. Building equity in your home
c. Buying new clothes each week to impress your boss
b. Making late payments on your auto loan
d. All choices are correct.
16
Which of the following are standard payroll deductions?
b. State income tax
a. Federal income tax
d. All of the choices are correct.
c. Unemployment insurance
17
Which of the following expenses is a routine expense?
d. Groceries
c. Rent
a. Gasoline
b. Electricity
18
Why are "standard" deductions called that?
b. There are also optional deductions.
d. You must pay them even if you are unemployed.
c. They do not vary from country to country.
a. They never vary over time.
19
Which of the following is a good method for establishing credit?
a. Buying a new car
d. Getting a department store credit card
c. Establishing a Checking account
b. Buying a house
20
Why does selecting a type of employment involve tradeoffs?
b. No job offers everything a person wants or needs.
d. Many jobs offer no personal satisfaction for people who do them.
c. any jobs offer no personal satisfaction for people who do them.
a. Many jobs require a person to relocate to a new town or city.
21
What is the purpose of a W-4 form?
c. Informs worker & IRS how much $ earned & taxes deducted from paycheck
a. It calculates the amount of a worker's benefits and tax liabilities to d
b. notifies a worker of the amount of federal tax that will be withheld
d. helps an employer determine how much income tax to deduct from an emplo
22
What type of income includes all taxes and deductions before they are taken out?
c. Take home pay
a. Total Income
b. Net Income
d. Gross Income
23
You are 35 yrs. old & married. No kids. What policy will help pay your debts if you die?
b. Variable life insurance
c. Universal life insurance
d. Whole life insurance
a. Term life insurance
24
What factors will lenders consider when deciding whether or not to help you establish credit for the 1st time?
d. All of the choices are correct.
a. Residence history
b. Bills in your name
c. Employment history
25
Net income is always ______ gross income.
c. Equal to
a. Less than
d. Multiplied by
b. Greater than
26
Which of the following does not help determine your auto insurance premium?
a. Your car's safety features
d. your height
b. Where you live
c. How much driving you do
27
What does FICA stand for?
d. Federal Income Company Act
c. Federal Insurance Contributions Act
b. Federal Insurance Charity Act
a. Federal Income Contributions Act
28
Why should you compare your checkbook register with your bank statement every month?
d. To practice your math skills
b. To adjust for interest earned or fees charged
c. To prepare for filing your tax return
a. To find out your current balance
29
What tradeoff would be involved in taking a job as a salesperson who travels more than 50% of the time?
b. Less leisure time for more income
a. Less income for more vacation time
c. More personal satisfaction for less income
d. Less vacation time for more income
30
What is the purpose of the 1040 series of tax forms?
d. To declare that you owe nothing in taxes
b. To file individual tax returns
a. To file an extension for submitting your individual tax returns
c. To file corporate tax returns

FCS 1.03 Managing Your Money Flashcards | StudBud