BR Financial Literacy Semester 24-25 Fall Semester FINAL EXAM

Front

Which of the following are the three primary functions of money? Store of Value, Medium of Exchange, Unit of Account, Source of Wealth, Medium of Exchange, Means of Payment, Store of Value, Source of Income, Unit of Measure, Medium of Exchange, Measure of Wealth, Standard of Living

Back

Store of Value, Medium of Exchange, Unit of Account

Front

Which of these is a form of earning? Wages, Theft, A lottery win, An inheritance

Back

Wages

Front

Which would be considered an unanticipated life expense? Furthering education, Childcare, Managing a long-term illness, Leasing a vehicle

Back

Managing a long-term illness

Front

Which might be found at the U.S. Department of Labor website?

Back

Career resources

Front

The following are examples of the benefits of getting a certificate or degree through trade school EXCEPT: Lower initial cost outlay for education, Less time invested, Hands-on job experience is often provided, High amount of perceived prestige

Back

High amount of perceived prestige

Front

What is the difference between gross pay and net pay?

Back

Net pay is the amount of pay remaining after deductions have been removed from a paycheck, while gross pay is the amount you earn.

Front

What is Anthony's net monthly pay if his gross pay is $1050 and deductions include federal income tax of $126, state income tax of $38, Medicare deduction of $17, and FICA contribution of $58?

Back

$1050 - ($126 + $38 + $17 + $58) = $811

Front

Which of the following benefits has the potential to earn you the most money? 401(k) or other retirement program, Child care benefits, Free lunch program, Two weeks paid vacation time

Back

401(k) or other retirement program

Front

If too little is withheld on your IRS W-4 Form, you will:

Back

Owe additional taxes

Front

What is the main difference between a bank and a credit union?

Back

Banks exist to make a profit; credit unions re-invest profit to benefit members.