A house payment is an example of

Federal income taxes are regressive.

On a local level, taxes pay for

Who pays and files income taxes in the United States

When government spends more than it receives in revenue, it has a surplus.

What is gross pay?

The largest source of government revenue in the United States is

A tax for which the rate stays the same, regardless of income, is called a

In the United States, the power to impose federal taxes rests with

Which of the following is an example of a flat tax?

A tax _____ is an amount subtracted directly from the tax owed.

Income funds to the government are called _____________.

The two elements to consider in budgeting and planning are your income and your expenses.

You should always create a monthly budget—weekly or biweekly budgets tend to be inaccurate.

A set of goals for spending, saving, and investing the money you receive is called a budget.

If a person signs a contract because he or she felt threatened to do so, a genuine agreement does not exist.

When preparing a budget, you need to focus mostly on your

Most financial experts recommend that a family have fixed expenses of no more than

Which of the following is a variable expense?

The IRS has the legal right to audit your tax returns and supporting records for ___ years from the date of filing.

Your __________ income is the money you have left to spend or save after taxes and other required deductions are taken.

A spending and saving plan based on your expected income and expenses is called a(n) __________.

Use the figures above to find Barney’s income for June:

Use the figures above to find Barney’s expenses for June:

A canceled check is one that has been processed by the bank.

Floating a check is illegal in most states.

Writing a future date on a check is called postdating.

A check cannot be cashed until it has been reconciled.

A joint checking account can be opened by two or more people.

Debit card transactions do not need to be recorded in your checkbook register.

The usual reason for a stop-payment order is that the check has been lost or stolen.

The person to whom a check is payable is called the

When you open a checking account, most banks will require you to have an initial deposit of at least

Which part of a check provides a place for you to write the purpose of the check?

Darren writes a check to the phone company for $45.60. He should record this amount in his checkbook register in the

A check is written to Taylor Thomas. On the back of the check, Taylor writes “Pay to the order of Rose Dryer,” then signs his name. What kind of endorsement is this?

A check written for more money than your account contains is called a(n) __________.

Credit is the most commonly used method of purchase in the United States.

It is illegal to use one credit card to pay another credit card.

Most credit cards are revolving credit agreements.

If you do not use your credit card within a 12-month period, you do not have to pay the annual fee.

Finance companies take less risk than banks, so they tend to be more lenient with borrowers who are late making a payment.

A legal business that makes high-interest loans based on the value of personal possessions is called a

The use of someone else’s money, borrowed now with the agreement to pay it back later, is called __________.

Property pledged to assure repayment of a loan is called __________.

With a(n) __________ loan, the goods you purchase with the loan serve as collateral for the money loaned.

When you buy an item that serves as collateral, you are taking out a(n)

The unpaid portion of a loan is called

Money paid for the use of someone else’s money is called

Only a handful of states require minimum automobile insurance.

Steffi was in an automobile accident that was not her fault. Her own automobile liability insurance will NOT pay for damage to Steffi’s vehicle.

Automobile insurance that pays for your injuries when the other driver is legally liable but unable to pay is called umbrella liability insurance.

Which type of auto insurance protects your own car against damage from auto accidents?