WorksheetsDollars & Sense Semester Review
Total questions: 50
Worksheet time: 26mins
The lowest hourly wage employers can pay most workers by law is
Bonus
Commission
Minimum wage
Salary
Income paid as a percentage of sales made by a salesperson
Bonus
Commission
Minimum wage
Salary
Money added to an employee's base pay is
Bonus
Commission
Minimum wage
Salary
What are three questions you should ask yourself before buying something?
Can I afford it?
What will the consequences of my purchase be?
Should I use my credit or debit card?
How will I pay for it?
Movement of funds from one account to another is
Transfer
Bank statement
Endorsement
Withdrawal
The lowest amount required, on a credit card, to keep the account in good standing is
Debt
Minimum payment
Principal
Credit Limit
When you owe more money than you have is a
Debt
Minimum payment
Principal
Credit Limit
Amount you can charge on an account and is determined by the credit card company is
Debt
Minimum payment
Principal
Credit limit
The term for an original amount of money on which interest is calculated is
Debt
Minimum payment
Principal
Credit limit
APY stands for Annual Percent Yield
True
False
Another name for 'tip' is 'gratuity'.
True
False
An overdraft is a check that is included on your bank statement.
True
False
A disadvantage of using a credit card are fees and interest charges.
True
False
Why do the credit card companies want to know how long you have stayed at your address?
To be approved for a credit card you have to live there for at least 5 years.
Credit card companies want to know you are consistent, and have a stable home/income.
To send your credit card to the right address.
The longer you stay at an address, the higher your score will be.
Which of the following is not included on a credit report?
Social Security Number
Current address
Amount of car loan
Number of children
What feature applies ONLY to a credit card?
Can wire payments
Money is loaned to cover the cost of the purchase
Money is directly withdrawn from a checking account
Transfer money to a savings account
What are 2 advantages of having a credit card?
Buy now, pay later
Bonuses
Interest rates
Travel rewards
How long is the information in a person's credit report kept on file?
7-10 years
2-3 years
1 year
The information stays permanently on the credit report and there's no fixing it.
A sum of money required by the government to support the government itself and other products and services is
Taxes
Financial portfolio
Income
Gratuity
Income tax, Payroll tax, Property tax, Sales tax, and Excise tax are the
Main types of taxes
Lowest types of taxes
Highest types of taxes
The higher you income, the lower the amount of taxes you will have to pay
True
False
Texas does not have state income tax.
True
False
The sales tax in Texas is
5%
7.25%
8%
8.25%
This type of retirement plan provides no tax break for contributions, but earnings and withdrawals are generally tax free.
401(k)
403(b)
Roth IRA
Traditional IRA
This type of retirement plan is typically offered through employers, offers some tax benefits, and restricts when you withdraw your money (Select all that apply)
401(k)
403(b)
Roth IRA
Traditional IRA
Tax returns for individuals and married couples must be filed by what date each year?
January 15th
March 15th
April 15th
December 15th
If you worked for an employer, which form will you receive stating how much income and taxes were reported to the government on your behalf?
W2
W4
W9
W99
If you have paid more tax than you actually owe based on your taxable income after credits are taken out,, which of the following will apply to you?
You will pay in the additional amount owed
You will get a refund
Your taxes next year will be less
You could be sent to jail
If you have paid less tax than you actually owe based on your taxable income after credits are taken out, which of the following will apply to you?
You will pay in the additional amount owed
You will get a refund
Your taxes next year will be less
You could be sent to jail
Which of the following is the federal bureau which collects taxes and turns the money over to the Treasury Department?
Congress
Department of Tax Collection
Internal Revenue Service (IRS)
Executive Department
Which of the following terms describes the leftover amount when liabilities or debts are subtracted from the assets owned?
Portfolio
Trades
Net worth
Bonds
The money left over after you have paid all of your bills is
Disposable income
Restricted income
Gross income
Fixed income
A monthly utility bill is an example of which of the following expenses?
Discretionary
Fixed
Variable
Secure
A rent payment is an example of which type of expense?
Discretionary
Fixed
Variable
Secure
The definition of "take home pay" refers to which of the following?
Money employers pay on behalf of employees for taxes
Money paid to the employee after taxes
Money paid to the employee before taxes
Money paid by the employee to the IRS
Which of the following medical assistance programs is offered to certain low income individuals and families?
Medicare
Medicaid
The State Children's Health Insurance Program (CHIPS)
Veterans Health Administration
Which of the following is the term for the person who will receive the benefits of an insurance policy upon the death of the policyholder?
Beneficiary
Subordinate
Matriarch
Patriarch
Which of the following countries was the largest textile and apparel supplier to the US in 2013?
India
China
Vietnam
Thailand
When investing, the higher the risk, the higher the award.
True
False
Which of the 2 of these 3 are employee benefits?
Health Insurance
Paid Time Off (PTO)
New Cell Phone
A tax return covers 12 months of income and expenses. Which months are covered?
January - December (calendar year)
April - March (fiscal year)
Each company chooses their own
September - August (fiscal year)
Which of the following best fits the taxes which local governments collect?
Sales tax and Income tax
Property tax and income tax
Sales tax and property tax
Income tax only
Andrea earns $14 per hour and works 20 hours per week. She receives her paycheck for her hours worked during the week every Friday afternoon. What is her gross pay?
$160
$280
$260
$200
Which of the following is NOT a factor affecting home insurance prices?
Home location
Structure of the home
Coverage amount
Homeowner's income
Which of the following types of disability insurance covers workers who are injured or become ill due to workplace conditions?
Private Insurance Programs
Social Security
Worker's Compensation
Group Insurance Programs
Where does marketing exist?
Only in stores
Wherever a product is sold to the customer
On the Internet
In customer's mail
What is the minimum wage in the EU?
$13 per hour
$3500 per month
There is no set minimum wage
$15 per hour
Sales taxes are collected from the consumers by which of the following?
Store merchants
City governments
State comptrollers
IRS
A tax on the manufacturing, sale, and consumption of products, such as tobacco or alcohol is known as which of the following?
Estate tax
Excise tax
Gift tax
Luxury tax
Which of the following is the term for the person who will receive the benefits of an insurance policy upon the death of the policyholder?
Beneficiary
Subordinate
Matriarch
Patriarch
