Financial Literacy Final Exam Review

Front

Which income source includes salaries, hourly wages, tips, and commissions?

Back

Job earnings

Front

Which income source is best described as money given to a person, business, government or other organization that is designated for a specific purpose which does not need to be repaid? Options: Job earnings, Job benefits, Savings and investing, Grants

Back

Grants

Front

Jennifer is asked to donate $5 each paycheck to a local charity organization. What kind of deduction would this be if she decided to donate?

Back

Voluntary deduction

Front

Which income source is best described as the assets passed down to individuals after someone dies?

Back

Inheritances

Front

What do SMART goals stand for?

Back

Specific, Measurable, Achievable, Relevance, and Time

Front

What is best described as any written document instructing a bank to pay money from the writer’s account?

Back

Check

Front

What is a reimbursement to a taxpayer for any excess amount paid to the federal government or a state government throughout the year?

Back

Tax Refund

Front

The amount of taxes withheld is based on what which two things: How much money the employee earns, and the information provided on a W-4 form

Back

How much money the employee earns, and the information provided on a W-4 form

Front

What is the amount of the money you are responsible for paying before your insurance company covers the balance on a claim?

Back

Deductible

Front

What is income?

Back

money received over a set period of time