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ECONH PerFin Flashcards | StudBud
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ECONH PerFin
ECONH PerFin
20 terms
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personal finance
Flashcards
20 cards
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Questions
20
Answers
1
How is a debit card different from a credit card?
it is a revolving loan
money comes out of your checking account
you are borrowing from a bank
there is no difference
2
Malik earns $12.00 @hour, works 35 hours a week & pays 15% payroll taxes. What is net income?
$483
$420
$63
$357
3
How is a certificate of deposit different than a savings account?
money can be added any time
no minimum balance
interest is usually less
there is a penalty for early withdrawal of funds
4
What is the cost of borrowed money called?
currency
paycheck
a bill
interest
5
Saving for a(n) ___________ would represent a long-term savings goal?
sewing kit
blanket
blender
Mercedes G wagon
6
Which of the following have the greatest risk (possibility of losing money)?
certificate of deposit
one company's stock
treasury bond
mutual fund
7
What is the report received from a bank listing the month's transactions on your account?
report card
bank account statement
account register
all of the other answers are correct
8
Keeping a balanced budget requires
include charitable giving (give back)
pay yourself first (save)
keep the total of MUST PAY expenses as low as possible
all of the points listed
9
What do we call the money left over after your payroll taxes have been deducted?
discretionary income
an allowance
free money
net income
10
What is the definition of a wage?
paycheck
is the same as a salary
any income you receive
income based on an hourly amount
11
The plan for how you will spend your income is known as a(n) ____________.
goals
budget
income statement
paycheck
12
What is compound interest?
money earned on principal and previously earned interest
tips received on top of wages
extra fees paid on borrowed money
money earned on principal only
13
What tax funds Social Security?
FICA
state income tax
safety net tax
federal income tax
14
What do we call policies purchased to protect the purchaser from different forms of risk?
risk management
insurance
taxation
infrastructure
15
What is a security deposit?
Money paid to protect a landlord in the event of damage
insurance against theft
money put into a savings account for emergencies
money used to pay for security service
16
What can you expect to be the largest of your budget expenditures?
savings
charity
housing
insurance
17
Which of the following are exempt from sales tax?
prescriptions
office supplies
bicycle
cell phone
18
Robert makes $10 per hour and works 40 hours per week, $400 is his __________.
net income
his taxes
gross income
discretionary income
19
Esther makes $2,000 a month and pays 20% in payroll taxes. What is her weekly net income?
$1,600
not enough information to compute
$100
$400
20
What type of tax has you paying more as your income increases?
progressive tax
sales tax
regressive tax
proportional tax
