3rd Quarter Financial Literacy Review

The average duration for a lease agreement is

All are steps in the House Buying Process except

You should plan to save enough money to pay _____% for a down payment on a home in order to avoid PMI.

____________________is your total pay before taxes & withholdings

The average American household has an average of 35,000 in debt.

Another name for net income is

All are ways you could pay for college without going into debt

A house is an asset that decreases in value over time.

You should pay cash for your car and college.

A foundational money principle to keep in mind is to live on _______________ you make.

Americans were introduced to the credit card in 1998.

PMI stands for

You are either a natural saver or a natural spender. You cannot have a balance of both.

The location of a home does not impact the price of the home.

When buying a home, it is most important to have a good

A person's worldview/belief system does not have any relation to how they use their money.

Employers are not legally obligated to give you a W-2.

It is impossible to pay cash for college.

In the lease agreement _______________ makes the rules.

FICA includes Medicare and Federal Payrolls for Gov't Officials.

A loan obtained for a home purchase is a

All are foundations to financial freedom except

A security deposit

Your credit score does not matter when buying a home.

Your net income is larger than your gross income.

Your federal income taxes are based upon your

FICA stands for Federal Insurance Contribution Act

What form do you fill out soon after you are begin a new job?

You memorized the following Bible verses this semester except

A mortgage is a loan that people take out in order to buy a home.

A W-2 is

Deficit Spending

To know your net worth, subtract your liabilities from your ____________.

Which form is used to calculate how much income tax is witheld from your pay?

All are types of home loans except

John is in the third tax bracket. His entire salary will be taxed at the an exact, fixed rate of 22%.

Appreciation means the value of the home will ___________ over time

Another word/term for renting is

The Great Depression occurred because the Banks did not give out enough loans.