Worksheetspersonal finace
Total questions: 37
Worksheet time: 20mins
How many types of taxes do Americans pay?
7
2
10
8
are stocks and bonds mutual funds?
yes
no
7 taxes all Americans pay is estate tax, property tax, payroll tax, income tax, gift tax, sales tax, and (a)
What is a savings account?
It is for your money that you won't withdraw from frequently.
It's like a wallet you can access daily.
Why do businesses sell off pieces of ownership in the company
to raise money
to go into debt
to give their business away
Fill in the blank: The goal in stocks is to, "Buy __________, sell _________________."
(a)
With a 401k, who sets it up and what are the benefits?
self; no tax annually on gains=fast growth, sometimes tax-deducted
self; tax deferred, employer often matches contribution.
employer; tax deferred, employer often matches contibution.
employer; no tax annually on gains=fast growth, sometimes tax-deducted.
With a Traditional IRA, who sets it up and what are the benefits?
self; tax deferred, employer often matches contribution.
self; no tax annually on gains=fast growth, sometimes tax-deducted
employer; tax deferred, employer often matches contibution.
employer; no tax annually on gains=fast growth, sometimes tax-deducted.
If you withdraw money from your 401k or Traditional IRA early, before 59 1/2, what percentage of money do they charge as the fee?
10%; early distribution/withdraw fee, plus taxes.
15%; early distribution/withdraw fee, plus taxes
20%; early distribution/withdraw fee, plus taxes.
25%; early distribution/withdraw fee, plus taxes
Alex's yearly take home pay is $43,000. Her food budget is around 13% of her monthly paycheck. How much does she pay a month for food?
$5,590.00
$46,583.33
$4,658.3
$465.83
$46.58
What does a stock quote represent?
The last price a seller and buyer agreed to make a trade
The current price/asset ratio of a stock
The current attitude professional stock analysts have towards a company
A famous quote from that company's CEO
What are "Dependents"?
In-coming money
People who earn more income are taxed at a higher % than those earning less.
This is when part of your income is sent straight to the government as taxes.
Amounts that can be subtracted from your income before calculating tax.
A person who relies on the tax-payer for income.
What is a W-2?
This form is used to file your taxes and it shows all your income, deductions, and it shows you if you owe or get a refund for the year.
This form tells employers how much money to withhold from each paycheck.
This shows your wages come with a pay stub that shows the money withheld.
This form shows income and withholdings for the year and is used to file federal and state taxes.
What is a W-4?
This form is used to file your taxes and it shows all your income, deductions, and it shows you if you owe or get a refund for the year.
This form tells employers how much money to withhold from each paycheck.
This shows your wages come with a pay stub that shows the money withheld.
This form shows income and withholdings for the year and is used to file federal and state taxes.
What is the #1 cause of U.S. bankruptcies
house bills
medical bills
car payments
income taxes
What is a checking account?
It's like a wallet you can access daily.
It is for your money that you won't withdraw from frequently.
What is Simple Interest?
You get interest on your principal and the interest accumulateed.
You make interest only on your principal amount.
What is Compound Interest?
You get interest on your principal and the interest accumulateed.
You make interest only on your principal amount.
What is gross pay?
Pay after the withholdings have been subtracted.
The total you earn by working but a portion is withheld.
What is net pay?
Pay after the withholdings have been subtracted.
The total you earn by working but a portion is withheld.
What is debt?
Money that is owed or due for a product or service that is already purchased.
An owned valuable that holds its value (or increases value) over time.
A card that takes money right form your account to buy things.
The payment is made for you, but you then owe it back to the credit card company, along with interest.
When you pay with a debit card, you can sometimes add to the bill and get it back as change.
What is a 401k?
You choose a balanced portfolio of stocks, funds, and bonds and this type of retirement is taxed when you withdraw the money from the account.
You choose a balanced portfolio of stocks, funds, and bonds and this type of retirement is taxed when you earn the money and put it into the account.
You contribute a portion of pre-tax pay to get invested.
What is Revenue?
Total amount of income to the business.
Overall financial gain or loss.
Money paid out for the cost of doing business, like supplies, employees, and bills.
What are Expenses?
Total amount of income to the business
Overall financial gain or loss.
Money paid out for the cost of doing business, like supplies, employees, and bills.
What does the Internal Revenue Service (IRS) do?
They are only responsible for collecting federal tax.
They are responsible for collecting federal tax and enforcing federal tax laws.
They are only responsible for enforcing federal tax laws.
Why would you owe money at tax time?
The amount that your employer withheld and already paid in taxes is less than the tax responsibility shown on your 1040.
Your employer held out way too many taxes.
The amount your employer withheld and paid in taxes is greater than your taxes due when you do a 1040.
You receive refund money at tax time if….
The amount that your employer withheld and already paid in taxes is less than the tax responsibility shown on your 1040.
Your employer held out way too many taxes.
The amount your employer withheld and paid in taxes is greater than your taxes due when you do a 1040.
What are 4 reasons ““withholdings” need to be adjusted?
Marital Status, exemptions, additional amount withheld
Withholding allowances claimed, additional amount withheld, any exemptions
Marital status, withholding allowances claimed, any exemptions, additional amount you want withheld.
What equation does a business use to determine “profit”?
Profit-expenses=revenue
Revenue-profit=expenses
Revenue-expenses=profit
Revenue-tax=profit
What is a business taxed on?
Products
Profit
Revenue
What are two ways a business can increase profit?
Increase expenses and sell more products.
Sell less products and increase expenses.
Decrease expenses and sell more products.
which of these can you not insure
home/valuables
health
shoes
life
pets
casualty insurance protects you from (a)
T/F: It is legally required of you to have auto insurance in most states
T
F
time period that the policy covers
term
coverage
Probability of an insured situation actually occuring
risk
coverage
claim
T/F: insurance doesn't help protect people financially from risk
t
f
