Banzai High School Unit

The amount you own in assets minus everything you owe.

• Net Worth.

• Net Income.

• Principal.

• Personal Return.

You got in a car accident and repairs will cost $3,000. After filing your insurance claim, you only paid $500. Why?

• That's all you budgeted for car repairs.

• Your deductible is $500.

• Your exemption is up to 18%.

• Your withholding is $500.

When buying something with a loan, you can lower the amount you pay each month by paying a higher .

• Interest rate.

• Deductible.

• Down payment.

• Exemption

When you apply for a mortgage, the lending institution will likely use your gross income to help decide if you qualify. What is that?

• Your income after taxes are taken out.

• Your income before taxes are taken out.

• The income you earn from investments and interest bearing accounts.

• Income from a salaried position only. It doesn't include side jobs or hourly work.

What is the best protection against uninsured drivers?

• There is none.

• Comprehensive insurance.

• Liability coverage.

• Uninsured motorist coverage.

Which of the following is true about car loan terms?

• The shorter the term, the higher the interest rate.

• The shorter the term, the lower the interest rate.

• The interest rate is the same no matter the length of the loan.

• The longer the loan term, the lower the rate.

In order to qualify for a mortgage with good rates, you have to have a high enough

• Finance approval rating.

• Rate of return.

• Credit report.

• Credit score.

What is a 401(k)?

• A retirement plan that automatically saves part of your tax return each year.

• A special hybrid checking and saving account that allows you to earn interest and still write checks.

• A measurement of how much money you've contributed from your paycheck to taxes for the year.

• An employer sponsored retirement plan where you contribute some of your paycheck.

Which of the following is true about tax returns?

• You must have an accountant sign off that you filed correctly to get your return.

• The government will always owe you money every time you file your taxes (that's why you do it).

• The more you pay for tax filing services, the more you will get on your tax return.

• The number of exemptions you declare will affect if and how much you get on your return.

What does APR stand for?

• Annual Percentage Rate.

• Amortized Payoff Rate.

• Annual Principal Return.

• Automatic Payment Receipt.