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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
Social Security Tax
B
Federal Income Tax
C
401(k)
D
Medicare
2) The money you take home after deductions if called:
A
Gross Pay
B
Adjusted Earnings
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-4
B
W-2
C
1040EZ
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
3
B
1
C
2
D
0
7) Placing your money in a bank is safer than sticking it in your wallet.
A
Yes
B
No
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
Free Suckers
B
Interest
C
Rebates
D
Taxes
10) A successful budget is written down. You can manage your cash-flow by writing with:
A
CD's
B
Credit Cards
C
Checkbooks
11) The process of matching your checkbook with a bank's records is called:
A
Adjusting
B
Painful
C
Reconciling
12) When reconciling a bank statement. What is the most common type of transaction a bank knows about before we do?
A
Outstanding Checks
B
Bank Charges
C
Outstanding Deposits
*select an answer for all questions
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