Financial Literacy Final Exam Review #1

Not everyone benefits from government goods and services that are paid for with tax dollars.

When attending a job interview be sure to:

A benefit often received by full-time workers is:

Which of the following actions can a person NOT take with a debit card?

These are a portion of the profit paid to stockholders.

Group insurance premiums are typically lower than premiums for individual policies.

A person should balance their checkbook how often?

Money added to a checking or savings account

A plan that protects renters from risk of losing personal property.

The payee is the person authorized to write checks on an account.

The current minimum wage in NJ is $7.15 an hour

Which form do workers complete so an employer can take out the correct amount of tax.

Property taxes vary from town to town in NJ

The amount you pay before insurance starts to pay.

When you sign your name on a back of a check this is known as a ____ endorsement.

Checks written are subtracted from the balance in checkbook register.

Type of auto insurance that covers damages to your car when you are at fault.

Type of auto coverage that covers damages to your car from items other than an accident.

A simple federal tax return form designed for use by single/joint filers with no dependents.

Which of the following items is an optional deduction from a worker's paycheck?

The income tax is considered a proportional tax.

What should a person never keep in a safe deposit box?

Income protection coverage to replace a portion of normal earnings when you are sick or injured

Each person is responsible for filing and paying all necessary taxes this is known as:

Amount of money that is set-aside on which interest is paid.

Which of the following items is a required deduction from a woker's paycheck?

Overtime pay for hours worked above 40 hours in one week must be a least

A plan that pays money to a beneficiary when insured person dies.

What agency insures individual bank accounts?

Perks are benefits that have a high monetary value.

Which of the following items should one consider when choosing a bank?

The maximum credit score is:

Property tax is an example of a proportional tax.

A signature written on the back of a check.

The cost of an insurance policy

Child support is considered taxable income.

Banks may refuse to honor checks after ______ months

Be sure to use the word "and" to separate the dollar and cent amount on a check.

A type of prepaid check that directs payment of a sum of cash to a payee

A percentage of a sale paid to the salesperson is called a:

Property insurance to protect the owner from risk of loss in the home

Medicaid is a program of medical insurance that is provided for retired Americans

The amount left after all costs are deducted from the income of a business is called

The person to whom the face value of a life insurance policy is paid.

Type of check issued by a bank on its own funds

Interest income is a form of unearned income that is taxed.

Type of auto insurance that covers damages to others when you are at fault.

Excise taxes are charged on the purchases of specific goods, such as gas or cigs.

The FDIC insures each account up to $100,000 per account.

Standard min. wage laws do not cover individuals who work primarily for tips.

A plan for sharing the risk of high medical costs resulting from injury or illness

Taxes and payments for other items are subtracted from gross pay to calculate net pay.

This pays medical and disability benefits when you are legally working and injured on the job

The sales tax is considered a progressive tax.

When mailing a deposit to your bank, it is wise to use a restrictive endorsement.

The W-2 form is used by employees to list their exemptions and tax withholding

Type of auto insurance that covers you when the other person does not have insurance.

Which of the following are considered benefits?

A check that is returned by the bank non-sufficient funds in the account.

Vacation days, holidays and sick leave days are examples of pay without work.

The more exemptions a worker claims, the less tax is withheld from his/her paycheck.

Salaried workers usually do not keep time cards or count hours worked.

Bank service that directs the bank not to honor a check.

Banks usually charge for processing overdrafts or checks that have bounced.

It is important to use blue or black ink when writing checks