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WorksheetsEPF 2nd Semester Exam
Total questions: 25
Worksheet time: 4hrs 10mins
How is money earned on an hourly basis classified?
Salary
Wage
Bonus
Commission
What is the purpose of the W-4 form?
To report your annual income to the IRS
To determine how much money your employer withholds from your paycheck for income taxes
To calculate your eligibility for government benefits
To record your personal identification information for employment records
Which one tells you your earnings BEFORE taxes?
Gross Pay
Net Pay
Commissions
Overtime
Which one is extra money you can make from working more than your scheduled or selling extra items?
Gross Pay
Net Pay
Commissions
Overtime
Which one tells you your earnings AFTER taxes?
Gross Pay
Net Pay
Commissions
Overtime
What is the purpose of filing income taxes?
To show your disagreement about taxes to the government
To avoid paying taxes altogether
To increase your tax bill
To determine if you owe additional taxes or if you are owed a refund
When the stock market is doing well, the jargon term is
Bear Market
Duck Market
Tiger Market
Bull Market
What is a Traditional IRA?
A Traditional IRA is a type of individual retirement account that allows individuals to contribute pre-tax income to their retirement savings.
A Traditional IRA is a type of individual retirement account that allows individuals to contribute post-tax income to their retirement savings.
A Traditional IRA is a type of individual retirement account that does not offer any tax advantages.
A Traditional IRA is a type of individual retirement account that is only available to individuals over the age of 70.
What is a Roth IRA?
A Roth IRA is a type of individual retirement account that allows individuals to contribute after-tax income but taxes are still owed on withdrawals in retirement.
A Roth IRA is a type of individual retirement account that requires individuals to contribute before-tax income and pay taxes on withdrawals in retirement.
A Roth IRA is a type of individual retirement account that allows individuals to contribute after-tax income and enjoy tax-free growth and withdrawals in retirement.
A Roth IRA is a type of individual retirement account that does not allow individuals to contribute after-tax income and taxes are owed on both contributions and withdrawals in retirement.
What is a 401(k) account?
A 401(k) account is a type of credit card.
A 401(k) account is a government assistance program.
A 401(k) account is a type of insurance policy.
A 401(k) account is a retirement savings plan sponsored by an employer.
What is a fixed expense ?
What is a variable expense ?
A planned expense that can change each month.
What is a certificate of deposit ?
What is a stock ?
A stock is a type of investment that represents ownership in a company.
What is diversification ?
Not putting all your eggs in one basket.
The best rating a bond can receive
D
AAA
AA
B
Type of stock owned by non-voting members
Income
Growth
Preferred
Common
If you sold stock for a cheaper price than you purchased it for, you experienced...
Capital Loss
Capital Gain
Dividends
Bull
Why is it important to start investing as soon as possible?
You take less risk when you are young, so money will be safe
You have more time for your money to compound
Investing is an easy way to make quick money
Fees on investments are cheaper when you are younger
How can a cardholder avoid paying interest on a credit card?
Do not pay anything
Pay the minimum payment after its due date
Pay the balance in full every month
Pay the minimum balance every month
What is a credit report?
A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness
A detailed report of a bank's credit history prepared by a credit expert and used by consumers in determining a bank's creditworthiness
A report which shows which credit cards are better than others
A report invented by Allan Greenspan and credited to Al Gore
When may a person view his/her credit report for free?
At any time and an unlimited number of times
Once a year, from each of the three main credit reporting agencies
A person may not review his/her credit report
When a person has sufficient financial resources
This type of bankruptcy is also known as "straight" or "liquidation"
Chapter 7
Chapter 11
Chapter 12
Chapter 13
If a person needs to restructure their debt to a repayment plan, they would use:
Chapter 7
Chapter 11
Chapter 12
Chapter 13
