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Financial Literacy Review Part 1 Flashcards | StudBud
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Financial Literacy Review Part 1
Financial Literacy Review Part 1
16 terms
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StudBud Administration
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#consumer ed #financial literacy #Civics and Economics
Flashcards
16 cards
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Questions
16
Answers
1
Which form will you receive at the end of the year to do your taxes?
W-2
W-4
WD-40
10-4
2
A tree falls on your car. You are glad you have what insurance?
Collision
None of the above
Liability
Comprehensive
3
When one company forces the only other company out of business they are creating a
competitor.
deception.
warranty.
monopoly.
4
You open an interest-earning savings account. Which frequency earns you the most interest?
Compound 4 times a year (quarterly)
Compound yearly
Compound monthly
Compound daily
5
Why should you look for FDIC when opening an account at a bank or credit union?
You know they will not charge fees if you have an overdraft.
You know you will earn a high interest rate.
You know your money will be insured.
You know they will have an ATM.
6
If you make $ from 2 different jobs,the money earned before taxes is known as ___ on tax return
taxable income
adjusted gross income
employee's income
income
7
An item priced below cost to attract a consumer is called _____ ______.
blatant fraud
trading up
pyramid scheme
loss leader
8
How are social security taxes paid?
employers withhold it from your paycheck
paid upon retirement
every month at irs.gov
yearly bill
9
Gross pay is:
what I will have left to pay my expenses for the month.
Disgusting
what I make at my job before taxes
good because they already took my taxes.
10
How much will you pay if you have a deductible of $500 and the accident cost $1200?
$500
$700
0
$1700
11
What are estate taxes?
taxes on inherited money or property
tax credits for children
education taxes
taxes on labor
12
What can you use to make a purchase by electronically accessing your checking account?
Gift Card
Debit card
Phone Card
Credit Card
13
An example of a FIXED EXPENSE is:
Groceries
Entertainment
Rent
Credit Card Bill
14
What is a full warranty?
guarantee that product will love you
guarantee that product will work
promise to replace product at no charge in given time frame
promise that product will never break
15
What is a 1099-INT form?
statement of withholdings for the year
statement of taxes paid
statement of interest paid on savings
statement of yearly earnings
16
Which drivers will pay the highest auto insurance rates?
Older adults
Retired Driver Ed. Teachers
Young, inexperienced drivers
College Graduates
