Career Prep Financial Literacy Flashcard

Front

The total money one gets to “take home” from a paycheck after taxes and deductions are taken out is known as what?

Back

Net pay

Front

Which of the following purchasing cards removes funds from one’s checking account almost instantly after one makes a purchase? Credit card, Debit card, Payroll card, Withdrawal card

Back

Debit card

Front

When choosing between using a bank or a credit union, which of the following is an advantage that credit unions generally have in comparison to banks?
Options:
Advanced online banking technology,
Greater variety in services offered,
Owned by members, who may vote and elect board of directors,
More branches/locations

Back

Owned by members, who may vote and elect board of directors

Front

Sales tax amounts are generally established by which of the following? State and local rates, Federal and state rates, Federal and local rates, Business and federal rates

Back

State and local rates

Front

If the value of one’s house increases, all the following will most likely rise EXCEPT: House insurance, Escrow payment, Mortgage principal, Property tax

Back

Mortgage principal

Front

Federal income tax brackets can be impacted by which of the following? Voter registration of taxpayer, Criminal history of taxpayer, Marriage status of taxpayer, Region in which taxpayer resides

Back

Marriage status of taxpayer

Front

Which of the following is an advantage of maintaining a good credit score? Options: Credit card companies offer more points in their rewards system, Greater chance of receiving a loan with a low interest rate, Receive higher interest rates on money in a savings account, Stocks can be purchased at a lower price

Back

Greater chance of receiving a loan with a low interest rate

Front

Which of the following investments is characterized by the following traits:
- Investor loans money to a city, county government, or company
- Money is repaid after a certain date, plus interest is paid
- Generally considered a safe investment, although not insured by the FDIC
Options: Bonds, Exchange-traded fund (ETF), Savings accounts, Mutual funds

Back

Bonds

Front

Which financial institution can an individual visit to get money from a check if they do not have a traditional bank account? Options: Credit union, Mortgage company, Check cashing service, Payday lender

Back

Check cashing service