Personal Finance Knowledge Check

Personal Finance Knowledge Check

Assessment

Flashcard

Business

11th - 12th Grade

Hard

Created by

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30 questions

Show all answers

1.

FLASHCARD QUESTION

Front

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

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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