Financial Literacy Final Exam Review

Which income source includes salaries, hourly wages, tips, and commissions.

• Job earnings

• Job benefits

• Savings and investing

• Grants

Which income source is best described as money given to a person, business, government or other organization that is designated for a specific purpose which does not need to be repaid

• Job earnings

• Job benefits

• Savings and investing

• Grants

Jennifer is asked to donate $5 each paycheck to a local charity organization. What kind of deduction would this be if she decided to donate?

• Voluntary deduction

• Involuntary deduction

Which income source is best described as the assets passed down to individuals after someone dies.

• Savings and investment

• Grants

• Inheritances

• Job benefits

We discussed SMART goals, which is a criteria and guide to help you achieve positive results. What do SMART goals stand for?

• Specialized, Measurable, Achievable, Real, and Time

• Self-oriented, Monumental, Ambitious, Relevance, and Teachable

• Specific, Measurable, Achievable, Relevance, and Time

• Salary, Mentoring, Adaptable, Rational, and Tactical

What is best described as any written document instructing a bank to pay money from the writer’s account.

• Check

• ATM

• Credit Card

• Money Order

What is a reimbursement to a taxpayer for any excess amount paid to the federal government or a state government throughout the year?

• Tax Deduction

• Tax Refund

• Tax Exemption

• Tax Bracket

The amount of taxes withheld is based on what which two things:

• How much money the employee earns, and the information provided on a W-4 form

• How much money the employee has in savings and their background check

• The information provided on the W-4 form and their background check

• How much money the employee has in savings and the information provided on a W-4 form

What is the amount of the money you are responsible for paying before your insurance company covers the balance on a claim?

• Coverage

• Deductible

• Premium

• Claims

What is income?

• anything you own that adds financial value

• money you owe/ your debts

• money received over a set period of time

• dollars going out, usually to buy goods and services