The amount of federal income tax withheld depends on both your level of earnings and the number of withholding allowances claimed.
Personal Finance Knowledge Check

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Business
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11th - 12th Grade
•
Hard
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30 questions
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1.
FLASHCARD QUESTION
Front
Back
TRUE
2.
FLASHCARD QUESTION
Front
According to the "Rule of 72", my money will double in how many years: Investment earning 4%?
Back
18
3.
FLASHCARD QUESTION
Front
Which one describes the balance sheet equation:
Back
Assets = Liabilities + Net Worth (Equity)
4.
FLASHCARD QUESTION
Front
Every individual or married couple is required to file a federal income tax return regardless of the amount of income earned.
Back
FALSE
5.
FLASHCARD QUESTION
Front
Tax credits and deductions reduce your taxable income by comparable amounts.
Back
FALSE
6.
FLASHCARD QUESTION
Front
At most banks and other depository institutions, you will be hit with a hefty service charge if your checking account balance falls even just $1 below the stipulated minimum amount for just one day out of the month.
Back
TRUE
7.
FLASHCARD QUESTION
Front
U.S. Series EE and I savings bonds are not a very good way to save.
Back
FALSE
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