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Financial Literacy Flashcards | StudBud
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Financial Literacy
Financial Literacy
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Answers
1
An EMPLOYER is the business, or company that a person works for
False
True
2
The actual money a person receives AFTER taxes and fees are removed is called net income
True
False
3
Credit cards can be good, BUT have some disadvantages. Two disadvantages are...
They are big and bulky to carry
I can buy now and pay later
There are fees and interest that you pay
Debt is created
4
When you buy clothes at the mall or on line, you willed be charged...
Sales tax
Income tax
Property tax
Payroll taxes
5
A DISADVANTAGE of paying bills on line is....
The computer doesn't know where to send it
none of these
It pays it 10 days later
I may forget my username and password
6
No checks I don't have any cash on me, but I can use my _______which is money out of my checking account at the bank
tell them I will pay next time
voter's registration card
debit card
monopoly money
7
Paying online can be helpful, choose two advantages of making payments online...
Goods and services can be bought nationwide and even inbternationally
Late fees will not be added
Items are always in stock online
Payments can be made from home on a phone or computer
8
GROSS income is the total amount before any taxes or fees are removed
False
True
9
Property is when a person owns land, a business building, or a home. Which two are examples of property tax
taxes paid for local schools
Tax paid on a home a person owns
Tax paid on the value of a piece of land
taxes paid on a jewelery purchase
10
A disadvantage to using a debit card to make payments is that the card can be lost or stolen
False
True
11
If a person's expenses are greater than his inccome, what must he do to balance the budget...select two answers
write checks anyway
decrease his entertainment, or fun money, budget
pay more property taxes
find a way to earn more
12
An expense that tax payers can subtract from taxable income is called a TAX DEDUCTION
True
False
13
A tax that the employer collects from the money you earn is called
Payroll tax
Income tax
Sales tax
Property tax
