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Personal Finance #3
FBLA Personal Finance Test #3 RLC
| Question | Answer |
|---|---|
| The tax on wages, salaries, and self-employed earnings is: | * income tax |
| A retirement plan that is funded at least in part by an employer is referred to as: | a mentorship program |
| A specific expense, such as a medical expense, that can be deducted from adjusted gross income for tax purposes is: | an allowance |
| A fee collected from most employees to support a federal program that provides old-age, survivors, and disability insurance is commonly referred to as: | * Social Security Tax |
| Gross income is the amount of income from wages or salary: | * before payroll deductions |
| Which one of the following defines a budget? | a plan to match expected income with expected outflow |
| A person who buys and uses goods and services is a: | * consumer |
| Saving is: | what people usually do to meet short-term goals |
| The ingredients on food labels are listed: | * by weight, from most to least |
| When you multiply principal times rate of interest times length of repayment time, the result is: | * simple interest |
| Which type of communication takes place among employees? | * horizontal |
| Personal factors that change your buying patterns include all except: | * competition |
| Jack is married to Susan; they have five dependent children. Jack can legally use which of the following filing income tax status? | * married filing jointly |
| The best approach to solving the problem of an annual budget deficit is generally to: | reduce flexible expenditures |
| Jane and Manuel have a net worth of $15,000 and total assets of $150,000. If their revolving credit balance and unpaid bills total $3,500, what are their total liabilities? | $135,000 |
| Municipal bonds have an additional benefit of being: | not rated |
| Which one of the following factors has the least influence on personal decisions? | * global market |
| What is the first step in the financial planning process? | * set goals |
| Which one the following employee benefits would a working parent find most useful? | * parental leave |
| Which one of the following could not be called income? | * interest paid on a loan |
| You want to buy four new tires before winter. The SMART component in this goal is: | specific |
| The type of investment that has the highest risk and the highest potential rate of return is | * stocks |
| What approximate interest rate would an investor need to earn in order to double the value of an investment in six years? | * 12 percent |
| An advantage of owning a house instead of renting is that you: | may have tax advantages |
| What is used to add funds to a bank account? | * deposit slip |
| Which one of the following types of life insurance does not have a cash value? | 26 c? |
| A small food retailer that stocks popular items at higher prices and emphasizes an accessible location and long operation hours is called a: | 27 a? |
| 28 |
Created by:
meg_powell_
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