Money Management Unit 1

Paul has to pay taxes on his boat every year. This tax would be classified as:

• Property

• Sales

• Excise

• Income

Which type of tax pays for social security and medicare?

• Payroll

• Income

• Property

• Excise

David is required to hold $50 in his checking account at all times. If he falls below this amount, he can risk being charged a(n) __________ fee

• overdraft

• minimum balance

• balance check

• payment due

Tags

CCSS.RI.11-12.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

Which of the following interest rates would you want on your savings account?

• 5%

• 1%

Tags

CCSS.7.RP.A.3

To increase your net worth you can

• Get out a new loan

• Put more money in savings

• Use a credit card for purchases

• Donate your clothing

I spent $250 more than I made last month. This means I have a

• net loss

• net gain

• profit share

• decreased asset value

Tags

CCSS.7.NS.A.1A

Which category does cash fall into?

• Investment Asset

• Liability

• Tangible Asset

• Monetary Asset

Which category does a car loan fall into?

• Investment Asset

• Liability

• Monetary Asset

• Tangible Asset

An Individual Retirement Account (IRA) falls into which category?

• Investment Asset

• Liability

• Monetary Asset

• Tangible Asset

The NCUA protects credit union deposit accounts for up to

• $150,000

• $200,000

• $250,000

• $300,000