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Financial Literacy review Flashcards | StudBud
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Financial Literacy review
Financial Literacy review
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Flashcards
12 cards
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Practice quiz
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Questions
12
Answers
1
Which form of payment charges interest?
debit card
Venmo
currency
credit card
2
Which account does not set a limit on when you can withdraw the money?
roth IRA
money market
CD
401K
3
Which of the following is not taken out of your paycheck?
income tax
401K contribution
property tax
social security
4
When paying for a birthday present, from where should you withdraw the money?
CD
401K
checking account
money market
5
Every adult living in the US pays property tax.
False
True
6
Define sales tax
Money that is taken out of your gross pay.
The money you pay for property.
Money taken out of gross pay for the elderly.
Money you pay on your purchases.
7
What do you think is the most important thing to know from this unit?
gross vs net pay
retirement information
savings options
taxes
8
When is the test on this unit?
Thursday, May 8
We're having a test?
Thursday, May 6
Monday, May 10
9
Which is not a fixed expense?
car payment
Cell bill with unlimited service & data
rent
water bill
10
This is a retirement account that you pay taxes on when you withdraw funds during your retirement.
401K
CD
Social Security
roth IRA
11
What is the equation for profit?
profit = gross pay - deductions
profit = revenue - expenses
profit = revenue + expenses
profit = revenue - interest
12
Which of the following is not an example of a variable expense?
entertainment
weekly grocery bill
electricity bill
car payment
