Review for Sept 12

Using the Rule of 72, an investment at a 6% interest rate will double in how many years?

(Hint: 72/interest rate)

• 11

• 10

• 9

• 12

When is the W-4 completed?

• When you start a job.

• After your 1st year at your job.

• At the end of your job.

• When you get a raise.

What personal information does the U.S. Individual Income Tax Return (1040) ask for?

• Car make and model.

• How many bank accounts you have.

• Your name, address, and SSN

Zero-based budgeting is a way to plan how you use each dollar you earn.

• False

• True

On a pay stub, which item represents the total amount of money an employee has earned before deducations and taxes are applied?

 

• Net income

• Gross income

• Year to date

• Deductions

Which expenses are discretionary expenses? (Choose two)

 

• Vacation

• Groceries

• Going to the movies

• A coat for the winter

Which of the following statements best describes a SMART goal?

• I will save $100 each month this year.

• Going to work to earn money.

SMART goals are specific, measurable, acheiveable, relevant and timely

• False

• True

Which of the following is used to file income taxes?

• W4

• W2

• Bank statement

• Investment account

Non discretionaly spending includes...

• housing cost

• taxes

• utilities

• transportation cost