Personal Finance Review 1

Question 1

How is your "take home" pay determined?

Accepted Answer

Gross pay minus deductions

Question 2

You fill out this form when starting employment, determines how much federal tax is deducted

Accepted Answer

W4

Question 3

How is your "net worth" determined?

Accepted Answer

What you own minus what you owe, Your assets minus your debts

Question 4

If you save money, what does inflation do to its value over time?

Accepted Answer

Decreases value / purchasing power

Question 5

The most simple federal tax return form to use in the most simple situations

Accepted Answer

1040EZ

Question 6

This is a sustained general rise in prices over time

Accepted Answer

Inflation

Question 7

Examples of deductions from your paycheck

Accepted Answer

Health insurance premium, Federal Income Tax

Question 8

What are cafeteria style benefits?

Accepted Answer

Employee has flexibility to select most needed benefits

Question 9

This is how quickly an asset can be turned into cash without losing value

Accepted Answer

Liquidity

Question 10

Your employer sends this form to you, details all your earnings and deductions

Accepted Answer

W2

Question 11

Generally, the higher the level of education you complete the ____ your earnings will be

Accepted Answer

Greater

Question 12

Federal tax return form used when you are itemizing deductions (to reduce your taxes)

Accepted Answer

1040

Question 13

How does Knox Co. get revenue from local citizens?

Accepted Answer

Wheel tax, Property taxes

Questions 13