Finanical Management Final Exam Review

Front

What should you do if your bill payment will be late due to a reduced paycheck?

Back

Contact your lender by phone immediately.

Front

What is the only payment method that does not charge interest or fees?

Back

Currency.

Front

Calculate the total amount of the following coin combination: 1 quarter, 1 dime, and 1 nickel.

Back

$1.35.

Front

What is the term for pay received for work beyond 40 hours in a work week?

Back

Overtime pay.

Front

What is the NC standard deduction for a single filer in 2023?

Back

$3,000.

Front

Define 'net pay'.

Back

The amount of money an employee takes home after deductions such as taxes and retirement contributions.

Front

Define 'gross pay'.

Back

The total amount of money earned by an employee before any deductions.

Front

What is the purpose of a budget?

Back

To plan and control spending to ensure financial stability.

Front

What is a credit score?

Back

A numerical representation of a person's creditworthiness, based on their credit history.

Front

What is the difference between a debit card and a credit card?

Back

A debit card withdraws money directly from your bank account, while a credit card allows you to borrow money up to a certain limit.