Unit 2: Personal Finance

Front

Which of the following is the most important factor affecting your credit score? The number of bank accounts you have, Payment history, Your age, Number of times you log into online banking

Back

Payment history

Front

What does “debt-to-credit ratio” measure?

Back

The amount of debt compared to available credit

Front

Which of the following could LOWER a person’s credit score?
- Having a long credit history
- Frequently applying for new credit cards

Back

Frequently applying for new credit cards

Front

Which type of insurance would best protect against financial loss from a car accident? Options: Life insurance, Property insurance, Liability insurance, Health insurance

Back

Liability insurance

Front

A benefit of life insurance is that it:

Back

Provides income to beneficiaries after death

Front

Why would a business need an EIN (Employer Identification Number)?

Back

To file federal taxes and payroll

Front

Which tax is deducted from an employee’s paycheck to fund retirement benefits?

Back

Social Security tax

Front

Which payroll deduction provides health coverage for people age 65 and older?

Back

Medicare

Front

Which form does an employee complete to determine how much federal tax should be withheld? Options: 1040, W-2, W-4, 1099

Back

W-4

Front

Which tax form reports annual wages and the amount of taxes withheld by an employer?

Back

W-2