Personal Finance Final: Taxes And Banking Question Preview (ID: 41760)


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Which of the following is NOT a mandatory deduction?
a) Federal Income Tax
b) Medicare
c) Social Security Tax
d) 401(k)

The money you take home after deductions if called:
a) Gross Pay
b) Adjusted Earnings
c) Net Pay
d)

This tax form is filled out when starting a job to determine how much tax should be withheld.
a) W-2
b) W-4
c) 1040EZ
d)

By law, you must receive this tax form no later than January 31.
a) W-2
b) 1040EZ
c) W-4
d)

These lower the amount of taxes you must pay to the government.
a) Dependents
b) Brackets
c) State Taxes
d)

What number should you select on your W-4 to ensure you have the most tax taken out right away?
a) 0
b) 2
c) 1
d) 3

Placing your money in a bank is safer than sticking it in your wallet.
a) Yes
b) No
c)
d)

FDIC Insured banks will reimburse lost funds up to:
a) $10,000
b) $250,000
c) $500,000
d) $875,000

Even though it is low, banks offer _____ which helps you money keep up with inflation.
a) Rebates
b) Interest
c) Taxes
d) Free Suckers

A successful budget is written down. You can manage your cash-flow by writing with:
a) Checkbooks
b) Credit Cards
c) CD's
d)

The process of matching your checkbook with a bank's records is called:
a) Painful
b) Adjusting
c) Reconciling
d)

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
d)

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