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Personal Finance Final: Taxes And Banking
Test Description: Good Luck!
Instructions: Answer all questions to get your test result.
1) Which of the following is NOT a mandatory deduction?
A
Federal Income Tax
B
Medicare
C
401(k)
D
Social Security Tax
2) The money you take home after deductions if called:
A
Adjusted Earnings
B
Gross Pay
C
Net Pay
3) This tax form is filled out when starting a job to determine how much tax should be withheld.
A
W-4
B
1040EZ
C
W-2
4) By law, you must receive this tax form no later than January 31.
A
W-2
B
1040EZ
C
W-4
5) These lower the amount of taxes you must pay to the government.
A
Dependents
B
Brackets
C
State Taxes
6) What number should you select on your W-4 to ensure you have the most tax taken out right away?
A
0
B
1
C
3
D
2
7) Placing your money in a bank is safer than sticking it in your wallet.
A
No
B
Yes
8) FDIC Insured banks will reimburse lost funds up to:
A
$10,000
B
$500,000
C
$875,000
D
$250,000
9) Even though it is low, banks offer _____ which helps you money keep up with inflation.
A
Interest
B
Rebates
C
Taxes
D
Free Suckers
10) A successful budget is written down. You can manage your cash-flow by writing with:
A
CD's
B
Checkbooks
C
Credit Cards
11) The process of matching your checkbook with a bank's records is called:
A
Reconciling
B
Painful
C
Adjusting
12) When reconciling a bank statement. What is the most common type of transaction a bank knows about before we do?
A
Outstanding Deposits
B
Outstanding Checks
C
Bank Charges
*select an answer for all questions
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