Final Exam Study Guide

Front

Attaining a higher skill level to increase your usefulness to your employer is called

Back

upgrading.

Front

For employees, the Social Security deduction is withheld at the rate of:

Back

6.2 percent of the first $117,000 earned.

Front

Your filing status on your tax return is based on:

Back

your marital status.

Front

What information should not be included in a resume?

Back

Personal information, including age, gender, and marital status.

Front

In a balanced budget,

Back

expenses + savings = earnings + borrowing

Front

Most financial experts recommend that a family have fixed expenses of no more than

Back

50 to 60 percent of net pay.

Front

Which of the following is a variable expense? Options: grocery bill, insurance premium, car loan, rent

Back

grocery bill

Front

Which of the following would be considered an asset? Options: a car loan, a checking account, a credit card account, all of the above are assets

Back

a checking account

Front

The IRS has the legal right to audit your tax returns and supporting records for ___ years from the date of filing.

Back

3

Front

The need for credit arose in the United States with the dawn of the

Back

Industrial Revolution.