Personal Finance Final Exam Review Units 1-3

What is the tax form that should be used by someone when filing their taxes?

• W-2

• 1040EZ

• W-4

• 1040

What is the deadline for all income taxes to be postmarked by?

• January 31st

• April 15th

• Maturity date

• Grace period

What is the form that an employee receives from their employer in January containing how much money was made and how much was paid out in taxes?

• W-2

• 1040EZ

• W-4

• 1040

What is the amount you pay to use someone else’s money?

• Principal

• Interest

• Commission

• Gross pay

What type of credit is being used when you borrow a specific amount of money to buy something now and then make regular payments over time to pay it off?

• Revolving credit

• Installment credit

• Fixed credit

• Variable credit

What is the amount of time before interest starts accumulating on charged purchases if payment is not received?

• Grace period

• Maturity date

• January 31st

• April 15th

What is the term for the practice of delaying immediate rewards for future benefits?

• Delayed gratification

• Identity theft

• Needs

• Wants

What is the method that calculates the finance charge based on the balance on your credit card before any payments were subtracted?

• Previous Balance Method

• Average Daily Balance Method

• Adjusted Balance Method

• Ending Balance Method

What are the basic items that are useful for survival?

• Luxuries

• Necessities

• Comforts

• Amenities

What are the items that are helpful but not necessary for survival?

• Necessities

• Luxuries

• Essentials

• Basics