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Financial Literacy Unit 1 Study Game Flashcards | StudBud
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Financial Literacy Unit 1 Study Game
Financial Literacy Unit 1 Study Game
28 terms
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StudBud Administration
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539 plays
To help students prepare for 1st Unit test, Fin Lit. Careers, Getting Paid, Taxes
Flashcards
28 cards
F
Practice quiz
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Host live
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Questions
28
Answers
1
Form reporting other income, like earnings from investments or payment from contract work
1099
1040EZ
W-2
W-4
2
set amount of money earned per year
salary
net pay
wages
gross pay
3
social security tax rate
1.45%
1.2%
6.2%
6.45%
4
Annual form telling you how much you made & any deductions taken, including taxes
W-4
1099
1044
W-2
5
the last day you can send in federal income tax forms
January 31
December 31
April 15
July 4
6
everyone pays this equally; ex = sales tax and FICA taxes
aggressive tax
regressive tax
progressive tax
retrogressive tax
7
percentage tax on the retail price of items or services; source of $ for most state governments
income tax
property tax
sales tax
8
A person who relies on another taxpayer for financial support
dependent
indent
defendant
independent
9
money earned per hour
salary
overtime
benefits
wages
10
How long must you keep your personal income tax records (if you're audited)?
10 years
2 years
15 years
5 years
11
Money that is earned or received is considered ____________
income
net pay
bonus
non-taxable
12
required and requested money taken out of your earnings
taxes
direct deposit
premiums
deductions
13
money put aside to use for a set purpose; usually a short-term goal of months or a few years
piggy bank
investment
savings
checking
14
the more you make, the higher % you pay; ex = income tax brackets and property taxes
regressive tax
aggressive tax
retrogressive tax
progressive tax
15
medicare tax rate
1.2%
6.2%
1.45%
6.45%
16
the length of time you're being paid for
payday
paycheck
pay stub
pay period
17
If you're self-employed, you must pay ______ FICA taxes.
triple
double
no
just
18
vacation time, paid insurance, sick leave, retirement savings are all ______.
taxes
premiums
benefits
deductions
19
ALL the money you earn: earnings, salary, total wages
net
paycheck
total pay
gross
20
Form telling your employer how much taxes to deduct from your paycheck
1040
W-4
1099
W-2
21
Earnings you get to keep: paycheck, what you're paid
Benefits
Gross
Deductions
Net
22
The % sign = ____
dimes and pennies
50/100
1/100
whole / part
23
tax on land and valuable items
income tax
sales tax
property tax
24
rate of pay when working over 40 hours per week
wages
overtime
salary
double-time
25
information about your gross pay, deductions, and resulting pay
pay period
payday
paycheck
pay stub
26
Having a _________ is the best path to personal freedom.
job
home
goal
spouse
27
A __________ is a plan for spending and saving money
retirement
budget
checking account
goal
28
person who starts a business, taking on greater than normal financial risks
financial advisor
CEO
self-employed
entrepreneur
