Financial Management Final Exam Review

Which is the best example of EARNED income?

• Interest earned on a savings account.

• Money earned from working at the mall.

• Money received from Social Security

• Money inherited from a relative.

A Dependent is

• a taxpayer

• a person who relies on another person for financial support

• your husband or wife

• your parent

Which item is not funded by your tax dollars?

• Public Library

• Local Fire Department

• Department of Transportation (road crew)

• Fast Food Restaurant

Taxes are fees that the government ________ people to pay in order to live and work in their state and the USA.

• does not require

• requires

Tammy has a basic account that allows her to deposit and withdraw money, write checks, and receive a monthly statement with no service charge if she manintains a minimum balance of $25.00. This type of account is called___

• Savings account

• IRA

• Retirement Account

• Checking Account

Sara earns $10.00 an hour. She worked 40 hours this pay period. Her gross pay was ?

• $300 after taxes and deductions

• $400.00

• $275.00 after standard deductions

Net pay is the pay you receive each pay period

• before any deductions

• after all taxes and deductions

• after retirement only is deducted

The federal program that assists older Americans with insurance and income is called

• FICA (Federal Insurance Contribution Act)

• Federal Income Tax

• State Income Tax

• Physician's Mutual Insurance

When you get a job you are required to complete a ______ form.

• W-4 and I-9

• W-2 and I-9

• 1040 and I-9

• 1040 EZ Form and I-9

Medicaid is a ________ health insurance program to help people who cannot afford health care costs.

• Private

• government

• Military

Tags

NGSS.HS-ETS1-3