Which of the following is NOT a way to limit the amount of income tax you owe?

Common taxes on purchases are sales tax and gift tax.

The person named in a life insurance policy to receive benefits.

These stockholders have voting rights in a corporation.

An endorsement that allows you to transfer a check to another person.

A person's reputation for paying bills on time.

A person who must rely on another for financial support.

Results from wages, salary, commission, fees, tips, and bonuses.

A tax deduction for the taxpayer, a spouse, and each dependent.

A type of charge account that requires customers to make full payment within a stated period.

An endorsement that limits the use of the check to the purpose given in the endorsement.

Document showing the debts you owe, how much you use credit, and whether you pay your debts on time.

A variable life insurance policy

A credit report is a report that summarizes your current financial condition, acknowledges your financial needs, and sets a direction for your future financial activities.

Estate planning involves the accumulation and management of property during one's lifetime and distribution of one's property at death.

The most common way for a bank to be organized is as a

The interest rate on this type of mortgage is raised or lowered occasionally depending on the current interest rate charged by lenders.

Usually, the safest investments have the lowest yields.

The first step someone with credit problems should consider is filing for bankruptcy.

All of the following are good check-writing habits EXCEPT

Which of the following is probably the SAFEST savings/investment choice?

This federal agency sets quality standards for farm products.

Wise consumers always understand their needs and wants before they buy.

Bodily injury liability insurance protects a driver from claims resulting from injuries or deaths for which the insured is at fault.

Items of value are called liabilities.

The difference between your personal assets and your personal liabilities is your

Revolving accounts

A sales clerk gave Gary too much change back with his purchase. Gary noticed it, but kept the extra money. Which consumer responsibility has Gary violated?

Class-action courts help consumers resolve cases involving small amounts of money.

The value of the property insured has little influence on homeowner's insurance premiums.

These laws often prohibit drivers from getting a driver's license without proof of required insurance coverage.

An endorsement that consists of only the endorser's name.

These stockholders are paid their dividends before other stockholders.

Type of sale used to eliminate merchandise that stores no longer wish to carry.

A type of credit in which customers pay nothing until the end of the loan period.

The amount of insurance coverage that was originally purchased and that will be paid upon the death of the insured.

Budget category that would include items such as medical expenses and health insurance.

Type of sale in which regular merchandise is sold with short-term price reductions.

A series of regular payments made to a retired worker under an organized plan.

The amount of money that an insurance company will pay if the policyholder decides the insurance is no longer needed.

A type of charge account that requires customers to make payments of a fixed amount over several months.

A W-2 form is a summary of a worker's earnings for the previous year and the amounts that have been deducted for taxes.

Credit is the privilege of using someone else's money for a period of time.

Except for certain retirement accounts, the FDIC insures all savings accounts in the same name at a bank up to $1,000,000.

The percentage of money earned on your savings or investment over a year is called the

The types of taxes you pay and how much you pay is related to where you live, how much money you earn, and

The deductible clause in health insurance discourages the filing of minor claims.

Clearing refers to the paying of checks among different banks.

With some loans, the lender adds the amount of the interest to the amount you borrow. You then sign a(n) _____ for the total amount.

This savings plan allows you to earn a higher rate than a regular savings account, but you must leave the money on deposit for a specified period.

When you open a checking account for the first time, you will sign a

The over-the-counter market is a network where securities transactions occur using telephones and computers rather than on an exchange.

This law limits your liability to $50 for unauthorized credit card purchases made prior to notifying the card issuer.

The decrease in value of property due to use or age is called

A down payment is a payment of part of the purchase price.

An example of fraud would be a salesperson telling a customer, "This is the best car on the market today."

Good money management begins with an understanding of your current financial status.

Which of the following is a variable expense?

The legal process of reducing or eliminating an amount owed is called