What does net pay mean?

the amount of money you bring home after taxes and deduction

protects your dependents in case of untimely death

subtract liabilities from assets

legal process where those can't pay debt surrender property

Dow Jones Industrial Average

largest publicly owned companies in U.S.

can get in way of making sound financial decisions

how long for investment to double with interest

what are SMART goals?

Specific, measurable, actionable, realistic, time

rewarding someone with money because of injury at the job

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Financial Literacy Review

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Questions 35

Answers

1
What does net pay mean?
Amount of money prior to deductions
the amount of money after FICA is paid
the amount of money you bring home after taxes and deduction
2
The amount of the loss you must pay out of pocket before insurance reimburses
co-pay
premium
deductible
3
Mutual fund objectives
Current income
Long-Term growth
growth to income
4
What do you see on a paycheck?
all of these
net pay
deductions and taxes, etc.
gross pay
5
money received by individuals for their labor
disability
workers comp
insurance
wages
6
insurance premiums
payments can be made monthly or quarterly
payments can be made annually and semi-annually
all of the above
payment made to insurance companies for help and protection
7
what is appreciate?
loses value
gains value
8
A w-2 includes
your debt
your mortgage
groceries
childcare expenses
9
Who pays medical and doctor bills
disability insurance
life insurance
health insurance
10
Life insurance
takes care of important doctor bills
protects your dependents in case of untimely death
protection against major losses
11
What are W-4s?
Filled out when you start a job
All of the above
Required by the IRS
Determines how many taxes should be taken out
12
Net worth is
all the cash you have available
add liabilities and assets
everything added up in your checking
subtract liabilities from assets
13
What is the relationship between education and median income
None
Depends on the education
Positive
negative
14
Bankruptcy
too much bad credit
owe too much
legal process where those can't pay debt surrender property
None of the above
15
"Safe" debt load should not exceed
20% of your net pay
10% of net pay
You should not have debt, it's bad
50% of net pay
16
Who keeps track of your credit history and FICO scores
employer
credit bureau
lender
the bank
17
Dow Jones Industrial Average
largest publicly owned companies in U.S.
the best stocks
overseas stocks
None of the above
18
Debt
only comes from credit cards
all money owed to lenders
a payment you receive for working
19
something that can appreciate over time
boat
house
car
20
Types of investments include
all of the above
mutual funds
bonds
stocks
21
A legal document that tells you how you want your estate spread around after death
Estate
Will
Trust
power of attorney
22
The amount of money you make before anything is taken out
Net pay
Gross pay
Deductions
23
A safe plan in putting money in different areas or stocks
diversification
portfolo
spreading the wealth
paying yourself
24
How a creditor evaluates a credit application
Character
all of the above
Capital
Capacity
25
Turning assets into money
refinance
investment
liquidity
cash flow
26
Something that depreciates over time
clothes
all of the choices are correct
cell phone
car
27
Emotions
can get in way of making sound financial decisions
are the best way to make a decision
don't really matter in decision making
not a part of money personality
28
Protects against large loss
Life
Health
insurance
disability
29
rule of 72
Debt to income ration when figuring credit score
how long for investment to double with interest
Another way to figure an interest rate
30
Variable expenses
change monthly
none of the above
are always the same each month
is adjusted by how much you can pay
31
Budget
plan for spending and saving
only if you have debt
not necessary if you have money to spend
something to know your income
32
What is depreciate?
gains value
loses value
33
Money personality involves theses traits
all of these
Values
Attitudes and emotions
Beliefs
34
what are SMART goals?
Specific, measurable, attainable, realistic, try
Specific, measurable, actionable, repeat, time
Smart, measurable, actionable, realistic, time
Specific, measurable, actionable, realistic, time
35
Workers comp
the rule of 72
used for those who work overtime
a loan with no interest
rewarding someone with money because of injury at the job

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