Financial Lit- Unit 3 test review

A dependent is a person who:

Which of the following is a fixed expense?

Who is responsible for your personal finances?

In financial planning, what is defined as a ‘want’?

The result of low prices (high Demand/ low Supply)

What form is used to verify an employees eligibility to work?

What two taxes are included in the Federal Insurance Contribution Act (FICA)?

What is savings?

Which of the following is a control method for spending plans?

What is an employee required to complete when they begin a new job? (Choose all that apply)

What is the nation’s health care program for the elderly and disabled called?

The government agency responsible for collecting federal taxes is the

Which letter corresponds with a price point that would create a SHORTAGE?

What is a pay period defined as?

Which letter corresponds with the DEMAND curve?

Bob earns $8 an hour, 40 hours/ week. Fed Tax $63.08, State $33.21, FICA $42.05. Gross Pay 2 w

Net pay is defined as?

If reported, the cardholder is only liable for fraudulent charges up to:

Savings should account for approximately how much of an individual’s income?

If expenses exceed income on a spending plan, what would be a financially smart solution

What does the government uses money collected from taxes for?

Wants are the ________

Which letter corresponds with the SUPPLY curve?

The price point where quantities Demanded and Supply are the same

individual’s financial plan will vary depending upon one’s:

Which letter corresponds with the price point that would create a SURPLUS?

Which letter corresponds with the PRICE axis?

Which letter corresponds with the EQUILIBRIUM POINT?

What is it called when an individual has more income than expenses?

What is the most secure method for an employer to pay employees?

A spending plan has many positive uses including:

On average the largest major expenditure is which of the following?

What is a major disadvantage of a payroll card?

Which of the following is a flexible expense?

The ranking of resources based on values, needs, and wants