Understanding Pay and Benefits

The amount of money you're paid, after all taxes and deductions are taken out of your paycheck is called ________.

Which of the following is NOT a possible tax or deduction that could be withdrawn from your paycheck?

• State income tax

• Contributions to retirement savings

• Sales tax

• FICA

How does the government pay for roads, schools, and emergency services?

• They are funded through non-profits.

• They are funded through taxes.

• They are funded through charitable donations.

• None of the above

The best ways to protect yourself from Identity Theft are all the following, EXCEPT-

• Deter (prevent)

• Debit (make all online purchases with a debit card)

• Detect (the problem)

• Defend (report to authorities)

What can happen when you have a low credit score, but you are still approved to receive a loan? (Select all the answers that apply)

• It will be a loan with a low interest rate and a chance to better your credit score.

• You will more than likely have a high interest rate.

• You will probably be approved for a $10,000.00 credit limit.

• You will more than likely pay more at the end of the loan due to a high interest rate.

What are two benefits of having a good credit score? (Select TWO)

• Loan sharks will be less likely to bother you.

• You will be required to make lower monthly payments.

• Creditors will offer lower interest rates.

• You will be offered more job opportunities.

Which of the following expenses would be a good reason to spend money out of an emergency fund?

• Repair your laptop that you use for homework.

• Upgrade your phone to the latest model.

• Buy new track shoes because they’re in style

• Purchase concert tickets to see your favorite artist

What two things is a budget made up of? (select the TWO correct answers)

• income

• assets

• expenses

• credits

Credit Score is affected by what factors? (Select ALL that are correct.)

• payment history

• amounts owed

• types of credit

• new credit applications

Which investment type is a fixed income investment, meaning you get paid on a regular schedule?

• bonds

• stocks

• cash equivalents

• real estate