A4 Financial Literacy - Cycle 3 Test Review 24-25

Question 1

Within your paycheck, Deductions are

Accepted Answer

Voluntary or involuntary Taxes or money are taken out of check

Question 2

This tax helps pay for a portion of national funds for retirement, disability, & survivorship benefits of individuals

Accepted Answer

Social Security tax

Question 3

The "Pay Yourself First" budgeting strategy emphasizes:

Accepted Answer

Saving a portion of your income before spending on anything else.

Question 4

A Pay Period means

Accepted Answer

How often and when you get paid

Question 5

A long term goal is

Accepted Answer

Projected accomplishment that concludes between now & the rest of your life

Question 6

Which statement below is true about a resume?

Accepted Answer

You write and document what is on your resume

Question 7

This is income before all taxes are taken out of paycheck

Accepted Answer

Gross Pay

Question 8

Which of the following is a fixed expense?

Accepted Answer

Rent

Question 9

Something a person plans and commits to achieve in the near future (less than 2 years) within a finite time/deadline.

Accepted Answer

Short Term Goal

Question 10

The 50/20/30 Budget strategy suggests allocating what percentage of your income to needs?

Accepted Answer

50%

Question 11

The banks use the majority of customer deposits to give to other customers for a variety of grants.

Accepted Answer

False

Question 12

A Budget is

Accepted Answer

An estimate of income and expenditures for a set period of time

Question 13

What is the primary function of a resume?

Accepted Answer

To provide a detailed account of your work history and skills.

Question 14

GPA stands for

Accepted Answer

Grade Point Average

Question 15

Variable expenses are described as

Accepted Answer

Costs that can change from month to month.

Question 16

20 months is the same as 1.5 years.

Accepted Answer

False

Question 17

Total amount of money an employee receives after taxes are taken out.

Accepted Answer

Net Pay

Question 18

Debt is:

Accepted Answer

Something owed

Question 19

A decision between 2 or more options

Accepted Answer

Choice

Question 20

The time of a loan could be expressed in months, years, or days.

Accepted Answer

True

Question 21

A Bank is a financial institution which is involved in borrowing and lending money.

Accepted Answer

True

Question 22

A Salary is

Accepted Answer

A fixed regular payment to an employee per year

Question 23

This tax helps pay for a portion of our nation's retired elderly healthcare (65 years of age or older)

Accepted Answer

Medicare

Question 24

This tax helps pay for a portion of our nation's defense

Accepted Answer

Federal Tax

Question 25

A want is

Accepted Answer

Something you can live without that you desire

Question 26

This is the overall general upward price movement of goods and services in an economy.

Accepted Answer

Inflation

Question 27

Amount charged for use of bank money borrowed is called:

Accepted Answer

Interest

A4 Financial Literacy - Cycle 3 Test Review 24-25

Questions 27

A4 Financial Literacy - Cycle 3 Test Review 24-25

Questions 27