Money Matters Final Exam

Front

Which of the following are the three largest categories of federal government spending? Options: Infrastructure, Defense, and Science, Health, Military, and Interest on Debt, Veterans, Infrastructure, and Education, Education, Defense, and Food/Agriculture

Back

Health, Military, and Interest on Debt

Front

What does the term "withholding" mean in reference to your paycheck?

Back

It is how much is being taken out of your paycheck in taxes.

Front

When do you start paying taxes? Options: When you turn 18, When you make more than the minimum income requirement, When you get a full-time job (part-time does not count), When you are notified by the IRS that you are required to pay federal income taxes

Back

When you make more than the minimum income requirement

Front

Why is it important to be extremely careful when completing your 1040 form?

Back

The 1040 form determines whether you owe additional taxes or are entitled to receive a refund from the government.

Front

Which of the statements below is TRUE about filing your taxes? You need to file your tax return by the end of the calendar year (typically December 31st), If your employer takes out federal income taxes through payroll withholdings, you do not need to file a tax return, You must file your tax return by April 15th of the following year or request an extension by that date, You do not need to pay any income taxes until April 15th, so you should ask your company to wait until after that date to withhold any money

Back

You must file your tax return by April 15th of the following year or request an extension by that date

Front

Which form will determine how much money is withheld from your paycheck for federal and state income taxes? Options: W-2, W-4, I-9, 1040

Back

W-4

Front

Which paycheck withholding puts money into a retirement investment fund that you will manage? Options: Social Security, Medicare, 401(k) contribution, Federal income taxes

Back

401(k) contribution

Front

When determining whether you NEED to file a federal tax return, each of these questions matters EXCEPT… How much income did you earn this year?, What type of income did you earn this year?, What state do you live in?, Are you claimed as a dependent on anyone else's tax return?

Back

What state do you live in?

Front

Where does the money for a purchase come from when using a debit card at the supermarket?

Back

It is deducted directly from your checking account.

Front

Jocelyn gets a text alert from the bank that her account balance has dropped below $100 after a series of $20 ATM withdrawals. She has not used her ATM in over a week and wonders what she should do. What would you recommend?

Back

Contact your bank immediately as it appears that your account may have been hacked