Personal Finance1 Question Preview (ID: 20891)


Personal Finance. TEACHERS: click here for quick copy question ID numbers.

The actual amount of money you take home is?
a) Net Pay
b) Gross Pay
c)
d)

The amount of money before taxes taken out is?
a) Net pay
b) Gross Pay
c)
d)

State government services are paid for by________.
a) State Income Taxes
b) Federal Taxes
c) Social Security Taxes
d)

A document showing an employee’s wages and deductions is an_______.
a) Earnings statement
b) Benefit statement
c) Pay stub
d)

__________ goes into a federal program that provides financial support for people who are retired.
a) Social Security
b) 401K
c) Federal program
d)

Federal government programs and services are supported through_____.
a) Federal Income Tax
b) State tax
c) Social Security
d)

FICA represents: Federal Insurance Contributions Act
a) True
b) False
c)
d)

A good rule to follow is to take 25% from your gross pay for taxes.
a) True
b) False
c)
d)

Dr. Seuss book said that the first banks were churches.
a) True
b) False
c)
d)

All of currency PLUS savings deposits, small time deposits( fees imposed if money withdrawn too early), money market mutual funds( minimum withdrawls of $500), and other deposits( limited to serve as a medium of exchange)
a) M1
b) M2
c) MONEY
d)

currency, traveler's checks, and checkable deposits( mediums of exchange)
a) M1
b) M2
c) MONEY
d)

A represents Accounts L represents Liability I represents Income E represents Expenses= A person's networth.
a) True
b) False
c)
d)

The amount borrowed that is still owed on a loan, not including the interest.
a) Principal
b) Intereset
c) Money
d) APR

Annual rate at which the consumer is charged for borrowing money.
a) Interest
b) APR
c) Money
d) Principal

A bank that offers services to the general public and businesses.
a) Commercial Bank
b) Credit Union
c)
d)

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