Final Review #1

When following the 50-30-20 budget, the 50% refers to money spent on...

• Savings

• Wants

• Needs

Which refers to the actual cost of classes at a college or university?*

• FAFSA

• Room and Board

• Tuition

_____ pay refers to income before taxes are taken out. ____ pay refers to income after taxes are taken out.

• Gross, Gross

• Net, Net

• Gross, Net

• Net, Gross

Social Security is a required deduction that takes ____% of your gross pay.

• 1.45

• 6.45

• 1.2

• 6.2

Your ____ tells you how much money you made from your employer, and it is given to you by January 31st.

• I9

• W2

• W4

• 1040

You need to submit your 1040 to the government by

• January 1st

• January 31st

• April 15th

• April 30th

If I am taking money out of my checking account, this is called a

• Deposit

• Credit

• Withdrawal

Up to _____ of your money in a bank account is FDIC insured.

• $2,500

• $25,000

• $250,000

• $2,500,000