Financial Literacy Final Exam

Retirement plan that is used by educators, nonprofit employees, or other public sector workers to save for retirement

 A document that outlines the terms, conditions, and coverage details of an insurance policy.

What is the term used for taxes imposed on goods and services?

Taxable income includes all of the money you earn, regardless of any deductions or exemptions

The government agency responsible for collecting federal income taxes

Retirement account allowing workers to save pre-tax income for retirement, with taxes paid when the money is withdrawn

What is the maximum annual contribution limit for an IRA in 2025?

Which of the following is often excluded from a standard homeowner's policy?

What is the primary purpose of insurance?

Defined benefit plan guaranteeing a specific income for life during retirement

The term for the amount a policyholder pays out of pocket before coverage kicks in

Which of the following is considered a Regressive tax?

The party being protected by the insurance

Which of the following is an example of a defined benefit plan?

What is a "premium" in insurance terms?

Taxes imposed on the value of property owned

Retirement account allowing after-tax contributions and tax-free withdrawals in retirement if certain conditions are met

The form used by U.S. taxpayers to file an annual income tax return with the IRS

Which of the following is considered a Progressive tax?

Auto Insurance is mandatory in most US states

Which type of tax is deducted from an employee's paycheck?

If your house catches fire, what type of insurance do you hope you have?

The total amount you earn before deductions are subtracted. 

Insurance premiums are the same for everyone, regardless of age, health, or risk

The filing deadline for US tax returns is