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WorksheetsEdgenuity Unit 5 Taxes & Credit Review
Total questions: 15
Worksheet time: 8mins
The short tax return form designed for single and joint filers with no dependents or itemized deductions.
Form 1040EZ
Form 1040A
Form 1040
Form I-9
A _________ goes directly towards a balance on a loan. It does not got towards any interest.
Payment
Regular Payment
Principal Disbursement
Principal Payment
Credit backed by an asset
Credit Card
Secured Credit
Unsecured Credit
Lien
What does your credit score not tell lenders about you?
Payment history
Amount owed
Where you live
Length of credit history
Which of the following statements is true about Debt?
Debt is the amount of money you have in your checking account.
Debt is the ability to borrow money.
Debt is the amount of money you have borrowed from a person or a business.
Debt is the amount of money you have in a savings account.
Helps provide retirement income for the elderly and pays disability benefits
Medicare tax
Social Security tax
State income tax
Federal income tax
If you co-sign on a friend's car loan, what is the danger to you if your friend fails to make her car payment?
You might get secured credit
Your credit score might go down
Your credit score might go up
You might have to pay extra money in taxes
Revolving credit is...
a type of credit that can be used repeatedly up to a certain limit as long as the account is open and payments are made on time.
a type of credit that can be used only once up to a certain limit and must be closed immediately after all payments are due
a spinning door with money in it
a round device that holds credit cards and spins, making it easy to shuffle through all your credit cards quickly
The total amount you earn before any deductions are subtracted is called __________ pay.
Gross
Bonus
Incentive
Net
Why are companies required to withhold money from your paycheck?
To make sure employees are being paid fairly
To help employees save for retirement
To help the company pay its share of taxes
To make sure employees can pay their taxes
Paying off your credit card balance each month will help improve your credit score
True
False
Taxpayers receive ___________ when their total tax payments are greater than the tax owed.
Refunds
Audits
Deductions
Credits
A ________________ works kind of like a credit card, but is usually money given by the lender to the borrower, instead of a credit card that is used to pay for purchases. Interest is only charged on the amount of credit used.
Credit Card
Line of credit
Installment credit
Non-installment credit
Which of the following things can help you get a lower interest rate when you receive a loan?
A low credit score
A history of defaulting
Collateral
Using all of your available credit
______ is when the borrower owes a specific amount and agrees to pay it in a set number of payments of equal amounts. The payments happen on a regular schedule, often monthly.
Revolving credit
A line of credit
Noninstallment credit
Installment credit
