Unit 3 Study Guide

Taxes that an employee has withheld from the check include....

• Federal, Social Security, State

• Federal, Medicare, State

• Federal, Social Security, Medicare

• Federal, Social Security, Medicare, State

Employees are required by law to pay taxes

• True

• False

A credit score of 560 is "good"

• True

• False

How can a business owner make good financial decision?

Budgeting occurs BEFORE any money is spent.

• True

• False

Which of the following is NOT a difference between banks and credit unions?

• Credit Unions are non-profit; banks are profit

• Banks offer online account access

• Anyone can open an account at banks

• Credit unions insured by NCUA instead of FDIC

How can I make good financial decisions? List 3

Which of these are NOT an example of business expenses?

• Maintenance

• Utilities

• Revenue

• Employees

Components of a budget are all of the following EXCEPT

• Housing, Utilities, Insurance

• Housing, Utilities, Sales

• Housing, Utilities, Personal

• Housing, Utilities, Savings

Net profit or income is what you make, but not what you bring home.

• True

• False