The purpose of the IRS is to?

enforce tax laws and carryout federal tax system

Opened by an individual and the income earned is tax-exempt.

What is considered a liquid investments?

Cash, CDs, Treasury bills or money market accounts.

Which banking service can you write checks from?

Money Market Acc, Checkings Acct

On the Stock Market...

Consumers invest in a share of a business

a percentage of money that goes to the government

Most common type of taxes

Capital Gains Tax, Property Tax, Sales Tax, Income Tax

What are mutual funds?

investment company that combin the resource thei shareholder

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Ace 2020 final Quiz

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Questions 30

Answers

1
Placing money in the stock market is like
A Retirement Settlement
Guaranteed Money Profit
Income Suicide
Risk & Reward
2
The purpose of the IRS is to?
Pass laws to determine what will be taxed
enforce tax laws and carryout federal tax system
Cut federal taxes
prepare tax returns for businesses and individuals
3
Income after taxes is your
Investment
Gross Pay
Spending Plan
Net Pay
4
A ROTH IRA is...
Opened by an employer and the income earned is tax-exempt.
Opened by an employer and is tax-deferred.
Opened by an individual and is tax-deferred.
Opened by an individual and the income earned is tax-exempt.
5
What is considered a liquid investments?
Rare Coins, Stamps, Gold and Silver
Real Estate and Bonds
Cash, CDs, Treasury bills or money market accounts.
Commodities - Bacon, OJ, Oil, etc.
6
What will minimize risk when investing?
Diversification
Buying a large quantity of the same stock
Buying stocks from big companies
Selling
7
Which banking service can you write checks from?
Money Market Acc
Savings Acct
401k Acct
Checkings Acct
8
WHAT DOES IRS STAND FOR?
INCOME REGULATION SERVICE
INTERNATIONAL REVENUE SERVICE
INTERNAL REVENUE SERVICE
INCOME REVENUE SERVICE
9
How much should an emergency fund contain?
$50,000
3 month living expenses
$10,000
5 month living expenses
10
A place to save money is at the _______________.
in your jeans
under the bed
banking
bank
11
In order to get a Certificate of Deposit you must agree to:
All of the above
Pay a penalty if you withdraw your money early
Hold your money in the bank for a fixed period of time
Put a certain amount of money into the bank
12
A type of variable expense is?
Car payment
Mortgage
Taxes
Rent
13
Mr. Alex banks with a Credit union?
False
True
14
On the Stock Market...
Consumers buy companies
Consumers sell products and services
Consumers invest in a share of a business
Consumers buy products and services
15
What are taxes?
a price tag
extra bills grown ups have to pay
a percentage of money that goes to the government
no one really knows
16
Who invented Bitcoin?
Satoshi Nakamoto
Elon Musk
Donald Trump
Lebron James
17
What bill affect your credit score?
Student loans
Cable Bill
Phone Bill
Utilities
18
A balance budget should look like?
Expenses = Income
Expenses < Income
Expenses > Income
19
Which one of these black companies are on publicly traded
Urban One
Crown & hops
Curlbox
FUBU
20
Payroll Tax is the same as ?
State Tax
Social Security
Income Tax
FICA tax
21
A strong investment portfolio has
diversified assets
artwork
one type of asset
similar assets
22
Which of the following is NOT a type of savings vehicle?
Checking account
Money market savings account
Savings account
Certificate of deposit
23
Bonds are?
Checkings Acct
Loan
future securities
Savings Acct
24
What is inflation?
Change in exchange rate
Increase in prices
Decrease in prices
Growth of economy
25
Most common type of taxes
Capital Gains Tax
Property Tax
Sales Tax
Income Tax
26
retirement income for senior citizens
social security
medicare
welfare
food stamps
27
Why should you budget?
Helps you save money
All of the above
Gives you control of your money
Keeps you out of debt
28
529 Savings plan can be used for?
Tuition
Health Insurance
High School expenses
College test prep
29
What Helps Investments Grow?
The Bank
The Government
Capital Gains
Interest
30
What are mutual funds?
investment company that combin the resource thei shareholder
For retirement

Ace 2020 final Quiz Flashcards | StudBud