FA Final Review

FA Final Review

Assessment

Flashcard

Life Skills

9th - 12th Grade

Hard

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9 questions

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1.

FLASHCARD QUESTION

Front

Our tax money is spent on all of the following EXCEPT: Social Security, The Military, National Parks

Back

Private School Education

2.

FLASHCARD QUESTION

Front

The W-4 form lets...

Back

your employer know how much to withhold from your paycheck

3.

FLASHCARD QUESTION

Front

What item would you DEFINITELY see on a paystub? Options: Retirement, Healthcare, Gross Pay, Your occupation/role

Back

Gross Pay

4.

FLASHCARD QUESTION

Front

Jason filed his 2022 tax return and owes money. This means that:

Back

His employer did not withhold enough money from his paychecks.

5.

FLASHCARD QUESTION

Front

Should Jason, who is 15 and earned $1450 at his job last summer, file a tax return?

Back

Yes, because he may get a refund.

6.

FLASHCARD QUESTION

Front

Which of the following is NOT a way you can file your taxes?
Options:
Through a tax professional
Mailing in a paper tax return to the Federal government
Using tax software like TurboTax
Through your employer's HR department

Back

Through your employer's HR department

7.

FLASHCARD QUESTION

Front

If a teen files a tax return, can the parent still claim him/her as a dependent?

Back

Yes, as long as the teen meets the dependency requirements

8.

FLASHCARD QUESTION

Front

An insurance company sells a seven-year term life insurance policy with a face value of $175,000 to a 44-year old woman. Her annual premium is $720. If the woman dies after paying premiums for six years, what is the insurance company’s gain or loss?

Back

Loss of $170,680

9.

FLASHCARD QUESTION

Front

Cookie has a monthly gross income of $3,900 and her expenses are $2,300. What is her debt-to-income ratio to the nearest percent?

Back

59%