Financial Literacy Mid-Term

Front

What happens if not enough money is taken out of your paycheck for taxes?

Back

You have to pay money to IRS next year.

Front

Who should Emanuel invite to a family dinner?

Back

His husband or wife.

Front

What do FICA taxes qualify you for?

Back

Typically qualify to receive payments and benefits in the future.

Front

What is the purpose of a W-2 form?

Back

Report an employee's annual income and taxes.

Front

If Aram assembles 200 toys at $1.25 each, what is his total pay?

Back

$250.

Front

What is financial literacy?

Back

The ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing.

Front

What is a budget?

Back

A plan that outlines expected income and expenses over a specific period.

Front

What is the difference between gross income and net income?

Back

Gross income is the total earnings before deductions, while net income is what remains after taxes and other deductions.

Front

What is a tax refund?

Back

Money returned to a taxpayer when they have overpaid their taxes.

Front

What is the purpose of FICA taxes?

Back

To fund Social Security and Medicare programs.