Payday loans are considered low-risk and low-interest loans.

Student loans can sometimes be forgiven under specific government programs.

A car loan is usually a secured loan.

Credit cards are considered installment loans.

Business loans can be backed by the Small Business Administration (SBA).

Home equity loans rely on the borrower’s credit score but not on property value.

Which of the following is an example of a secured loan?

Which loan type often requires no collateral?

Which government program assists veterans in buying homes?

Which loan is considered the most expensive due to high interest rates?

What type of loan is most commonly used to buy a house?

Which of the following best describes a revolving loan?

Which of the following is typically backed by collateral?

A home equity loan allows you to borrow money:

The W-2 form is filled out by employees at the start of a new job.

A W-4 form tells your employer how much money to withhold for federal income tax.

Property taxes are usually used to fund schools, police, and fire departments.

The 1040 form must be filed every week by employees.

Both state and federal governments can collect income taxes.

Payroll taxes are used mainly to pay for Social Security and Medicare.

Local taxes are always optional for residents.

Which form do you use to file your annual income tax return?

Which of the following is an example of a progressive tax (tax rate increases as income increases)?

Which level of government typically collects sales tax?

What does the W-2 form show?

Which of the following is NOT a type of tax?

Which tax is primarily used to fund national defense and federal programs?

If you claim more allowances on your W-4, what happens?

Write T for True or F for False. 1. A checking account is typically used for daily spending and bill payments.

Savings accounts usually offer higher interest rates than checking accounts.

Write T for True or F for False. 3. Banks do not charge a fee for a Cashier’s Check.

Writing a check without sufficient funds in your account may result in overdraft fees.

Debit cards allow you to borrow money from the bank that must be paid back later.

Direct deposit is when your paycheck is automatically transferred into your bank account.

An ATM (Automated Teller Machine) can be used to withdraw, deposit, and check balances.

Interest earned on a savings account is money you owe to the bank.

Online banking allows customers to pay bills, transfer funds, and monitor accounts electronically.

A certificate of deposit (CD) typically requires leaving money in the account for a fixed period of time.

Which type of account is best for everyday transactions?

What is the primary advantage of using online banking?

If you lose your debit card, what should you do first?

Which of the following is a safe way to protect your money in a bank account?

Which of the following accounts usually has the highest interest rate?

Which of the following best describes a budget?

If your bank account is “reconciled,” it means:

What does FDIC insurance do for depositors?

Which of the following is NOT typically a feature of a savings account?