Personal finance final.
Not managing your debt wisely can result in ________.
A decrease in your credit score.
What could be a good option available to you if you are behind on loan payments?
A financial institution may offer for you to pay a little now and pay the rest after your next pay day.
Using a loan could help with the purchase of which of the following?
A house.
Which of the following is NOT a common feature of a financial institution?
Access to investment advice.
Which item is important to consider when selecting a credit card?
Both APR and fees.
Savings accounts typically offer more interest than what type of account?
Checking account.
When preparing your taxes, what can possibly help reduce the amount of taxes that you owe?
Credits and deductions.
Which of the following is NOT a recommended method to protect you from identity theft?
Expensive specialty locking or monitoring service.
Which of the following statements is true about education and lifetime earnings?
Generally, the higher the education, the higher the pay you have.
What does the W-2 form tell you?
How much you've earned and how much taxes you've paid in the last year. (Employment and Taxes)
What should you do before you withdraw money from the ATM?
Inspect the ATM and make sure it has not been tampered with.
Which of the following statements about investing is TRUE?
Investing is risker than putting money in a savings account. (banking basics)
How can you avoid spending more than what is in your bank account?
Keep your own records and compare to your financial institution's records.
Benefits to paying the full balance of your credit card each month include:
Not having late fees.
Which is a positive reason for using a credit card to finance purchases?
Paying it off on time can help build your credit history.
Which of the following is NOT a possible tax or deduction that could be withdrawn from your paycheck?
Sales tax.
Which of the following statements about savings accounts is FALSE?
Savings accounts allow limited amount of withdraws a month.
What do taxes pay for?
Schools, government departments, roads, and emergency services
Which of the following statements about check cashing companies is FALSE?
They charge low fees.
Secured loans are less costly than unsecured loans because _________.
They usually have a lower interest rate. They require collateral. They are less risky for the financial institution. (credit and debt)
A savings account that compounds interest daily will earn a higher return than a savings account that pays simple interest daily.
True.
What is a benefit of having a good credit score?
When you need a loan, you'll have more loan offers to pick from.
If there is a mistake with one of your bank accounts, who should you contact to resolve the issue?
Your financial institution.
When looking for pre-approval on a car loan you should NOT...
get a loan from the car dealer directly to keep things simple.
To file your federal and state taxes you ____________
must prepare different forms for each type of government (if your state requires it)
Tax preparation software can help prepare and file your taxes by _________.
posing questions to collect necessary information.
The W-4 tax form is used to ___________.
tell your employer how much federal income tax to withhold from your paychecks to send to the IRS.
What is net pay?
the amount of money you have paid after all taxes and deductions are taken out of your paycheck
A stock is ________.
a share of ownership in a company.
Healthcare, paid time off, disability insurance, and matching contributions to a retirement account are all types of _________ available from your employer.
benefits.
