quiz 2

Look at the following 1040EZ. Calculate the adjusted gross income you should enter on line 4. $2,679 $1,903 $1,697 $1,800

$1903

Who did not spend wisely? Erika looks for bargains online before she goes shopping. Mia makes a list before she heads to the grocery store. Erin makes a purchase online using a credit card. She knows that she can pay the entire bill when it arrives. Lauren buys a cheap pair of headphones. They break, and she needs to buy a new pair.

Lauren buys a cheap pair of headphones. They break, and she needs to buy a new pair.

Ashley went to the mall and bought a new pair of jeans that caught her eye. This caused her to go over her credit card limit and now she owes a fee. What tip could have helped Ashley? Avoid impulse purchases. Buy high-quality products. Claim exempt on your tax forms. Look for bargains.

avoid impulse purchases

Tips for spending wisely include the following, except for _____. using credit cards infrequently tracking your spending borrowing money from your friends avoiding impulse purchases

borrowing money from your friends

Taylor wants to generate a graph to show how she is doing at saving. What tool should she use? bill pay budget software online banking graphic software

budget software

April 15 is the _____. date you will receive your tax refund date you will receive your W-2 form deadline to file your tax return deadline to submit your W-4 form

deadline to file your tax return

Jeff cannot find any of his receipts for entering into his budget. In addition, he cannot find any of his bank statements. What should Jeff do? Go back to each store to collect the receipts. Get organized by purchasing some file folders and filing his paperwork. Spend less money so he doesn't have so many receipts. Pay for everything on a credit card so he can track his spending from his credit card statement.

get organized by purchasing some file folders and filing his paperwork??

The federal government relies mostly on revenue from _____. sales taxes property taxes income taxes interest from savings accounts

income taxes

In one or two sentences, describe the benefits of having a budget.

it can help track finances. budgets can be used to plan things or save up for something.

In order to create a budget, you should _____. list your income and your assets and find the total list your expenses and calculate the total add all of your income and expenses and subtract the taxes list and total your income, list and total your expenses, and subtract your expenses from your income

list and total your income, list and total your expenses, and subtract your expenses from your income

Choose all that apply. Online banking tools allow you to _____. pay bills from your computer transfer money from one account to another view checking account transactions look for bargains

look for bargains

The 1040EZ is the _____. shortest and simplest tax return form most complicated tax return form form the IRS sends with your tax refund form used to report profits from sales

shortest and simplest tax return form

The purpose of a W-4 form is to _____. tell the IRS how much money has been paid in taxes inform your employer how much you paid in taxes at your previous job submit information to your employer to let them know how much to take out of your paycheck for taxes file a tax return

submit information to your employer to let them know how much to take out of your paycheck for taxes

Adults pay taxes so that _____. new business can build new buildings and parking lots the government can deposit money in your retirement fund the government can pay for public services, such as road maintenance, public libraries, schools, and police departments they will have money deposited in a savings account

the government can pay for public services, such as road maintenance, public libraries, schools, and police departments

The purpose of a budget is to track your income and your spending. True False

true

In one or two sentences, describe why it is important to spend wisely.

spending wisely creates good spending habits. spending wisely help you save money and make better purchases

Randy would like to set up a budget for a vacation he is taking next year. Which money management tool should Randy use? printable graphs spreadsheet online banking ExpensureTM

spreadsheet

Sales, property, and income are three types of _____. profits income interest taxes

taxes

The government uses the revenue from taxes to pay for goods and services for the community. True False

true

If you have questions about taxes, where can you go to get answers?

you can ask google, ask someone who works on a bank or go to an online banking service to have them answer your questions

A fixed expense is a _____. cost that stays the same from month to month cost for completing a budget cost listed in a budget cost that changes

cost that stays the same from month to month

Spreadsheet software can be used to _____. create a budget send your net worth to a loan officer apply for a car loan create a graphic

create a budget

A good financial plan does not include an insurance plan. True False

false

A net worth statement, financial goals, and a budget are all part of a _____. saving and investing plan savings account long-term financial goal financial plan

financial plan