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Dollars and Sense MP4 4 Weeks Exam Review Flashcards | StudBud
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Dollars and Sense MP4 4 Weeks Exam Review
Wages are what?
What is financial literacy?
Dollars and Sense MP4 4 Weeks Exam Review
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1
What is financial literacy?
Ability to understand statistical math
Ability to make sound, analytical decisions in the subject of English
Ability to understand an income statement in accounting
Ability to understand and effectively use various financial skills
2
Wages are what?
The lowest paid amount allowed for a regular hour of work
Pay recieved for hours worked in addition to regular hours
Fixed amount over a set time, usually yearly
Compensation paid to someone for work during a period
3
The Federal Insurance Contributions Act is a major part of the taxes taken out of your paycheck?
False
True
4
Which one is a payroll tax (something on your paycheck)?
Federal
Sales
State
Property
5
What is something you can do with a checking account?
Collect interest
Write a check
Borrow money
Get your direct deposit
6
Minimum wage is what?
Fixed amount over a set time, usually yearly
Compensation paid to someone for work during a period
The lowest paid amount allowed for a regular hour of work
Pay recieved for hours worked in addition to regular hours
7
Deductions are only the taxes that come out of your paycheck?
False
True
8
An example of earned income is what?
Unemployment
Birthday Money
Salary
Wages
9
Once you understand the exact amount of income that you will be recieving for the month, you can start a what?
Budget
Tax return
Investment
W4
10
Income can only come in one way, wages?
False
True
11
The total salary or wages earned during a pay period is what?
Gross pay
Deductions
Taxes
Net income
12
You should never review your bank statements.
False
True
13
Overtime is what?
Compensation paid to someone for work during a period
The lowest paid amount allowed for a regular hour of work
Fixed amount over a set time, usually yearly
Pay recieved for hours worked in addition to regular hours
14
When talking about situational finances, exchange value is what we can get for an item when?
Now
Never
Last Week
Later
15
As long as you are doing the right thing on your accounts, you will never have to pay a fee.
True
False
16
What is income?
The ability to borrow money
Money taxed to you when you buy something
Amount of money, property, and other transfers of value
How you invest money
17
Which one is not a service banks provide?
Debit
Credit card
Take out a loan
Get your driver's license
18
The amount you get after deductions are subtracted is what?
Net income
Taxes
Deductions
Gross pay
19
Taxes are what?
Funds that the military collects
Optional contributions collected by the government
Funds that are collected for college funds
Mandatory contributions collected by the government
20
Values have no role in your financial decisions.
True
False
21
Unearned income is what?
Only income that has to do with the IRS
Any income you recieve from working
Only income you can get from the lottery
Any income you get from sources other than working
22
Both earned and unearned income can be used to help pay for your bills?
True
False
