Worksheets2.00 Prime Time Quiz
Total questions: 15
Worksheet time: 8mins
As Mariah was looking over her sales receipt for the shirt she bought at a retail store, she discovered that she was charged 6% more than the price tag showed for the item. What is this extra 6% charge most likely to be?
An excise tax on the shirt she purchased
Sales tax on the shirt she purchased
Common fees that may be charged by a depository institution include all of these except which one?
ATM fees
Late fees
Overdraft fees
Which statement is true about payroll taxes?
Payroll taxes fund the Social Security and Medicare programs.
Payroll taxes are paid on both earned and unearned income.
If expenses were to exceed income on a spending plan, what would be a financially smart solution?
Increase purchases
Earn less income
Decrease expenses
Which statement is not true about property taxes?
Property tax is often charged by states or local governments to pay for local schools.
The property tax rate is set by the federal government to be equal in every state.
Chase learned he can reduce his spending the most by looking at his noncontractual expenses. Which of his expenses best fit that category?
Motorcycle payment, food, and cell phone bill
Gasoline, food, and entertainment
Which formula should Jordyn use to calculate her net worth?
Assets + liabilities = net worth
Assets - liabilities = net worth
Jonah is writing down his liabilities to complete his Statement of Financial Position. The item he should include would be:
the balance on his credit card
the value of his retirement account
When is your spending plan complete?
Spending plans are always under revision so they are never complete.
When you have allocated all your income into categories for the month
Which would most likely be considered a contractual expense?
Clothing
Food
Cell Phone
David spent $10 more than he had deposited in his account. As a result, he can expect to be charged a/an:
overdraft fee
late fee
To increase his net worth, Jackson could
increase his liabilities
increase his assets
Who is Medicare designed to help?
Single Parents
Senior Citizens
Low income families
Taxes that are charged on consumption items such as gasoline, hotel rooms, and airline tickets are called which kind of taxes?
Sales
Property
Excise
A key difference between commercial banks and credit unions is that:
commercial banks are for-profit and credit unions are not-for-profit
commercial banks typically pay higher interest rates than credit unions
