1.03 Quiz: Managing your money
Where should you write your new balence after each transaction?
In the far right column
Why is it a bad a idea to default on student loans even if you have trouble making the payments?
It can ruin your credit score.
To prepare for a health emergency, what is a good way to ensure you will not be faced with huge medical bills?
Pay extra for a health plan that paus more each medical incident.
Net income is always______ gross income. Less than Greater than Equal to Multiplied by
Less than.
Which of the following is not a short term financial goal?
Planning for retirement.
What do the Initials ATM represent when used in the far left column of a check register?
A cash withdrawal from an automatic teller machine.
Which of the following factors will lenders consider when deciding wheather or not to help you establish credit for the first time? Residence history Bills in your name Employment history
All of the choices are correct
Which of the following are standard payroll deductions? Federal income tax State income tax Social security tax All of the choices are correcr
All of the choices are correct.
Which of the following factors affect a person's financial goals? Their age Their income The size of their family All of the choices are correct
All of the choices are correct.
Which of the following is the best example of a good debt that increases your financial sercurity?
Building equity in your home.
Which of the following expenses is a discretionary expense? Electricity Cable television Rent Car insurance
Cable television.
What does FICA stand for?
Federal Insurance Contributions Act.
Which of the following is a variable expense? Car loan Gasoline Cable Tv/Internet Renter's insurance
Gasoline.
What type of income includes all taxes and deductions before they are taken out? Total income Net income Take home pay Gross income
Gross income
Why is it often. Bad idea to buy luxury items on credit?
It limits your ability to purchase necessities in the future.
What trade off would you expect to make for choosing to be a teacher?
More personal satisfaction for less income.
Why does selecting a type of employment involve tradeoffs?
No job offers everything a person wants or needs.
You are 35 years old and married with nonkids. You want to make sure your husband or wife will recieve money if you unexpectedly pass away. You want to pay the least amount possible for life insurance. Which type of policy would you typically buy?
Term life insurance.
What is the purpose of the 1040 series of tax forms?
To file individual tax returns.
What is the purpose of a W-2 form?
To identify a person's earnings and the amiunt if taxes withheld.
