Financial Math final

Front

True or False: All wages, tips, and bonuses are taxable unless specifically excluded.

Back

True

Front

What is the 50/30/20 rule of thumb for budgeting?

Back

50% Needs, 30% Wants, 20% Savings & Debt Repayment

Front

When should Jason pay his owed taxes to avoid a fee?

Back

April 18th

Front

Which of the following is NOT a way to file your taxes?

Back

Through your employer's HR department

Front

What does the W-4 form do?

Back

It lets your employer know how much to withhold from your paycheck.

Front

Define 'taxable income'.

Back

Taxable income is the amount of income that is subject to taxation by the government.

Front

What is the purpose of a budget?

Back

A budget helps individuals plan their spending and savings to manage their finances effectively.

Front

Explain the difference between 'needs' and 'wants' in budgeting.

Back

Needs are essential expenses (like food and housing), while wants are non-essential expenses (like entertainment and luxury items).

Front

What is a tax return?

Back

A tax return is a form filed with the government that reports income, expenses, and other tax information.

Front

What is the significance of the April 15th deadline?

Back

It is the typical deadline for filing individual income tax returns in the U.S.