Personal Finance test

How do you build credit?

• Get a dog

• Get a credit card

• Get a debit card

• you don't

7 types of taxes Americans pay

• Sales tax, income tax, property tax

• Estate tax, payroll tax, excise tax, gift tax

• Property tax, pet tax, dinner tax

• Estate tax, gas tax, clothes tax, work tax

4 ways a business can net a lower profit to pay fewer taxes

• Spend more on ads, hire more workers, invest by adding inventory, pay training side bonus

• Hire more workers, charge more labor, increase taxes, more 401K

• Add inventory, spend less, drop wages, less work days

• Spend more on ads, build more credit, more work days, make more revenue

What types of mutual funds are their

• Money

• Stocks

• Land

• Bonds

How does putting money in a bank benefit you

• Pay after the withholding's have been subtracted

• Safer, gives you interest, money is insured by FDIC

• Shows income and withholding's for the year used to file fed and state taxes

• Money owed or due for a product or service that is already purchased

What is a savings account?

• Money you wont withdraw from frequently

• Its like a wallet you can access daily

• b

• a

What are dependents

• Stocks and bonds

• Person who relies on tax paper for income like a minor child

• Money you won't withdraw from frequently

• Total amount of income to the business like from sales

What are W-2's?

• Money you wont withdraw from frequently

• "Files your taxes" show all income and sections. See if you owe or get a refund for the year

• Tells the employer how much money to withhold from each paycheck

• Shows income and withholding's for the year used to file fed and state taxes

What are W-4's?

• "Files your taxes" show all income and deductions. See if you owe or get a refund for the year

• Tells the employer how much money to withhold from each paycheck

• Shows income and withholding's for the year used to file fed and state taxes

• Money you wont withdraw from frequently

what is 1040?

• Outgoing money for cost, money paid out for the cost of tax business

• "Files your taxes" Show all income any deductions. See if you owe or get a refund for the year

• Tells the employer how much money to withhold from each paycheck

• Shows income and withholding for the year used to file fed and state taxes