In addition to retirement, Social Security provides what additional benefit?

Disability coverage in case you become sick or injured

One advantage of a 401(k) or 403(b) is:

money is deducted before taxes thus reducing federal taxes.

One advantage of responsible use of a credit card is that it allows you to

build your credit and credit score.

The three main federal taxes are:

income, Social Security and Medicare.

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Financial Literacy Quiz

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Financial Literacy Quiz for JA Curriculum

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Questions 14

Answers

1
In addition to retirement, Social Security provides what additional benefit?
Disability coverage in case you become sick or injured
Traveler's insurance.
Pet medical insurance.
Motor vehicle insurance.
2
One advantage of a 401(k) or 403(b) is:
money is deducted before taxes thus reducing federal taxes.
Why should I worry about my retirement now?
there are no benefits to a 401(k) of 403(b).
you get tax free savings when you retire.
3
A Roth IRA allows you to:
there are no tax savings with a Roth.
save on taxes when you retire.
save on taxes now.
Who was Senator Roth?
4
By investing when young, you can harness the power of what powerful investment strategy?
Predicting the future
Luck
Compound interest
Day trading
5
An IRA is defined as:
The Irish Republican Army
Individual Refund Account
Individual Retirement Account
International Recall Association.
6
One advantage of responsible use of a credit card is that it allows you to
spend money that you don't have on items that you don't need
build your credit and credit score.
take that trip of a lifetime.
keep up with your friends.
7
What type of investment is a managed group of stocks and bonds from various corporations?
Mutual funds
Bonds
Real estate
Stocks
8
Medicare began in 1965 as a way to provide health insurance for primarily what group of people?
Retirees
The poor
Foreigners
Children
9
What type of savings instrument is an IOU issued by a local municipality, govt or company?
Stocks
Real estate
Mutual funds
Bonds
10
The three main federal taxes are:
property tax, school taxes and phone access tax.
sales tax, excise tax and vehicle tax.
airport tax, cable tax and alcohol tax.
income, Social Security and Medicare.
11
What is a major positive component of your credit score?
Using cash instead of credit cards for all your purchases.
Paying bills on time.
Spending as much as you can to establish credit.
Having as many credit cards as possible.
12
What type of investment represents fractional ownership in a company?
Real estate
Bonds
Mutual funds
Stocks
13
Sales taxes apply to most goods except
candy
prepared foods
alcohol
groceries
14
Social Security began under the administration of what president?
Richard Nixon
Teddy Roosevelt
Bill Clinton
Franklin Delano Roosevelt

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