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Final (2026 Seniors)
| Question | Answer |
|---|---|
| Higher education usually leads to _________ income and ___________ unemployment rates. | higher; lower |
| ___________ pay is the amount before deductions, _______ pay is after deductions | Gross; net |
| A sudden, unexpected increase in income is called __________________ income. | windfall |
| Earned from actively participating in a job or business is called ___________ income. | active |
| Examples of ______________ income include rental income, stock dividends, royalties from intellectual property, and interest from savings accounts | passive |
| Payments made by a company to its shareholders is called _______________ income. | dividend |
| Earnings from a savings account is called ______________ income | interest |
| Freelance work as graphic designer is an example of ____________________ income. | self-employment |
| A form employers must provide to employees shortly after year-end to report annual income and withholding for the employee's tax return is called a _________. | W-2 |
| A form to verify identity and work authorization of employees is called ________. | I-9 |
| A form to tell your employer how much federal income tax and state tax to withhold is called a __________. | W-4 |
| When should you consider updating your W-4 form? | When you have major life changes or a new job |
| What is FICA used to fund? | Social Security and Medicare |
| Who do you give your completed W-4 to? | your employer |
| What is the primary purpose of Form 1040? | Report annual income and calculate federal income tax |
| Which form is used to report income not from wages? | Form 1099 |
| Who uses Form OR-40 to report income? | Full-year residents of Oregon |
| What is required to be provided by employers by January 31st each year? | W-2 and any 1099-NEC forms |
| The responsibility for implementing tax legislation, interpreting tax law, ensuring taxpayers’ compliance with the law, and collecting the income tax is given to ________________. | the Internal Revenue Service (IRS) |
| The federal income tax is designed to ensure that taxpayers with higher taxable incomes pay a _______________ percentage rate than do taxpayers with lower taxable incomes. | larger |
| What does the Oregon Surplus Credit (the Kicker) return to taxpayers? | Refundable money when revenue exceeds forecast. |
| This is a U.S. federal tax credit designed to help students pay for qualified education expenses during their first five years of post-secondary education | American Opportunity Tax Credit (AOTC) |
| This is a nonrefundable federal tax credit that helps pay for qualified education expenses for post-high school education, including undergraduate, graduate, and professional courses, as well as courses taken to improve job skills. | Lifetime Learning Credit (LLC) |
| The Oregon Kids Credit is a refundable state tax credit for low-income families with children younger than____. | six |
| The Child Tax Credit is for per qualifying child under the age of ______. | seventeen |
| The purpose of federal taxes is to fund _________________. | public services and infrastructure |
| This is a tax on specific goods, such as gasoline, alcohol, and tobacco. | excise tax |
| What type of tax takes a larger percentage from high-income groups compared to low-income groups? | progressive tax |
| Which tax is used in Oregon to support transportation infrastructure, such as state highways and bridges? | gas tax |
| What is a common purpose for revenue generated from the property tax? | to fund schools |
| True or False: Most states, including Oregon, collect state income tax to fund their government services. | True |
| What is the deadline for filing your federal income tax return? | April 15 |
| What happens if you do not file your taxes on time? | You may face penalties and fines. |
| An ________ is a number for tax reporting used by undocumented workers and others without a Social Security Number. | ITIN (Individual Tax Identification Number ) |
| True or False: The IRS has a website that allows you to file for free and have your refund direct deposited into your own account at a bank or credit union. | True |
| True or False: Billionaires, such as Jeff Bezos or Elon Musk, pay zero in Social Security tax for every dollar they make after $184, 500. | True |
| A healthy budget is one in which _______________ is greater than ________________. | income; expenses |
| These are earnings or payment received for resources provided such as labor | income |
| These are the costs people incur for goods and services | expenses |
| This is a plan for managing income and expenses | budget |
| You should save money in case of ________ expenses, in case of an ___________ , such as a car repair or medical expense. and to avoid going into _________. | unexpected; emergency; debt |
| This is a budgeting method where you allocate every penny of your monthly income toward expenses, savings and debt payments so income - expenses equals zero | zero-based budgeting |
| A manual, cash-based method where you divide your income into physical or digital envelopes, each labeled for a specific spending category | envelope system |
| A simple plan that allocates your after-tax income into three categories: needs, wants, and savings and debt repayment. | the 50/30/20 Plan |
| simple method where you use one checking account for all your regular, fixed expenses like rent and utilities, and a second account for all variable and discretionary spending, such as groceries, entertainment, and savings. | the Two-Account Plan |
| t is important to categorize expenses when creating a budget to avoid over________________. | spending |
| You should evaluate your progress towards budget goals at least ______________. | monthly |
| The purpose of tracking your spending is to avoid overspending and __________ , to plan for future financial ________ and to adjust your _______________ accordingly. | debt; goals; behavior |
| ____ percent of your income should ideally be allocated to needs according to the 50/30/20 budgeting strategy. | 50 |
| A recommended first step if you find yourself with a budget deficit would be to reduce _________ , or non-essential expenses. | wants |
| Building a $500 emergency fund would be a ________ -term financial goal. | short |
| An __________________ fund is important to cover unexpected events like medical bills or job loss. | emergency |
| This debt management plan involves paying off the smallest debts first, | Snowball method |
| This debt management plan involves paying off the debts with the highest interest rate first, | Avalanche method |
| How does budgeting support achieving financial goals? | Guides your saving, spending, and budgeting decisions |
| True or False: According to the life cycle theory of consumption and saving, income rises (and peaks) during middle age. | True |
| The primary purpose of _________________ is to limit financial losses when an accident occurs. | insurance |
| ________ insurance helps replace structures and personal belongings without requiring the homeowner to solely cover all of the expenses in the event of a loss, such as a hurricane, fire, or tornado. | Home |
| True or False: Car liability insurance is mandatory. | True |
| True or False: If you buy a house and have a mortgage (house loan), the bank will require insurance. | True |
| True or False: Renter's insurance will help replace your personal possessions in the event of a loss. | True |
| It is important to consider your ____________ and costs when renting an apartment so you do not spend too much and stick to your budget | income |
| True or False: When determining the budget for your new place, it’s important to think about all your spending habits, including groceries and entertainment. | True |
| The purpose of a _____________ deposit when renting or leasing an apartment or house is to pay for damage you may cause to the property during your stay. | security |
| A ________________ is a loan to purchase a home. | mortgage |
| True or False: Contracts such as mortgages can require borrowers to purchase insurance. | True |
| The steps in creating a budget are: (1) Determine Your ________; (2) Calculate Your Monthly ________ ; (3) Set Realistic __________; (4) Track Your _______ ; (5) Pick a ______________ Plan. | Income; Expenses; Goals; Spending; Budgeting |
| Evidence suggests that people save too __________ during peak earning years. | little |
| What products and services are offered by banks? | loans, checking accounts, savings accounts |
| Which financial institution is typically nonprofit and member-owned? | credit unions |
| What is a key feature of online lenders as compared to traditional banks and credit unions? | They often have fewer requirements for loan approval |
| The ________________ is a U.S. government agency that protects consumers from unfair, deceptive, or abusive practices by financial institutions. | Consumer Financial Protection Bureau (CFPB) |
| The _______________________ is an independent agency of the U.S. government that insures deposits in member banks, protecting depositors from losing money if a bank fails. | Federal Deposit Insurance Corporation (FDIC) |
| What service do brokerage firms primarily provide? | Investment accounts and financial advising |
| Credit unions tend to have ___________ fees and interest rates on loans over a traditional bank. | lower |
| ________ payment services allow users to link their bank accounts to an app that facilitates the digital transfer of money between two people. | Peer-to-Peer (P2P) |
| TRUE or FALSE: P2P services come with the same protections as other bank payment services such as debit and credit cards. | False |
| How easily an asset can be converted into cash for other use is called ____ | liquidity |
| How quickly and how much your investment can grow is called _______. | potential returns |
| The chance of the investment to lose value is called _______. | risk |
| _________ investments such as bonds and CDs are investments that financial advisors suggest you shift more toward as you age. | fixed-income |
| _____ and _______ is an investment strategy involving buying and holding stocks for a long time. | Buy and hold |
| An ___________ is a retirement account set up by an individual rather than an employer. | IRA (Individual Retirement Account) |
| A ___________ IRA allows for tax-free growth when money is withdrawn. | ROTH |
| Why is it suggested to start saving for retirement early? | To allow more time for money to grow |
| An _____ is a retirement account set-up by an individual, whereas a _________ is employer-sponsored. | IRA; 401(k) |
| True or False: Most companies with a 401(k) plan offer some form of employer match or contribution. | True |
| The primary goal of investing is to grow your _________ over time. | wealth |
| A potential benefit of investing in individual stocks is ______ growth potential but the _____ of loss is much higher than other investments such as bonds. | high;risk |
| A _________ is a tax-advantaged retirement account through your employer. | 401(k) |
| An __________ is a diversified, traded fund on an exchange. | ETF (Exchange Traded Fund) |
| A __________ gives you ownership in a single company. | stock |
| A ________ is an investment that pays fixed interest over time | bond |
| True or False: Even if you save all your life, you could have your life savings slashed by a recession. | True |
| When should someone ideally start planning for retirement according to professional financial advisors? | as early as possible, preferably in your 20s |
| A potential consequence of declaring bankruptcy is that it will have a severe negative impact on your _________ score. | credit |
| A benefit of fixed interest rates in loans is that it is easier to plan and ____________ . | budget |
| The _________________method is recommended for prioritizing debts with high interest rates. | Debt avalanche |
| A Chapter ____ bankruptcy allows a bank to liquidate assets to pay creditors’ | 7 |
| What should you do as soon as you realize you will be unable to pay your bills on time? | call your creditors to negotiate |
| What is the primary benefit of maintaining a good credit rating? | Lower interest rates on loans |
| What does credit history affect your ability to do? | open a bank account, buy a car, rent an apartment, get a loan or a credit card |
| Identify the 3 credit bureaus. | Equifax, Experian, Transunion |
| At what website can you obtain free credit reports from the three major credit bureaus? | www.annualcreditreport.com |
| In terms of credit, what is collateral? | financial assets or property that the borrower has that the lender can take if the loan is not repaid |
| Most negative information included in credit reports can be removed after ___ years, except a bankruptcy which can stay on your credit report up to ____ years. | 7; 10 |
| Credit scores are designed to indicate the ______ that a person will repay a loan or credit obligation on time. | risk |
| What is the most important factor in calculating credit scores? | payment history |
| What is the main purpose of a credit report? | to assess credit worthiness |
| True or False: A FICO credit score is a three digit number based on a person's credit report, and it is used to determine loan eligibility and the interest rates that people may pay. _ | True |
| Which credit score category accounts for about 35% of the credit score calculation and takes into account bills that are paid late, how late they were paid, how recent the delinquency was, and the total amount owed? | payment history |
| _____________ is a consumer credit scoring model developed by the three nationwide credit reporting agencies (NCRAs)—Equifax, Experian and TransUnion. | VantageScore |
| What is credit primarily defined as? | Money you borrow and promise to pay back later |
| Becoming an ___________________ on a parent’s credit card can help improve your credit score. | authorized user |
| Why is it important to check your credit reports regularly? | To look for errors or fraud |
| An example of a revolving line of credit, where how much you pay back each month depends on how much you use, would be a ________________. | credit card |
| Is it a good idea to go into debt, even for something you don't need, in order to build credit? | No |
| The range of a typical credit score is from ______ to ______. | 300 to 850 |
| What can poor credit lead to in terms of loan costs, such as fees, interest, and down payments? | Higher fees and larger down payments. |
| What happens if you miss your grace period on a credit card payment? | You will be charged interest |
| If you only make the minimum payment on your credit card, what is the likely outcome? | Longer time to pay off debt and end up paying more interest |
| This is a loan specifically used to finance the purchase of real estate, with the property itself serving as collateral for the loan. | mortgage |
| This is a type of financial loan specifically designed to help students pay for higher education expenses. | student loan |
| This is a common method of financing for both new and used vehicle purchases | auto loan |
| This a financial instrument that allows users to borrow funds from a line of credit for purchases | credit card |
| What is a disadvantage of rent-to-own instead of purchasing an item outright? | Higher overall cost and potential additional fees |
| The term “money personality” refers to how your ____________ , ___________ , and _____________ affect the way you manage money. | habits; beliefs; attitudes |
| True or False: There is a direct relationship between spending on oneself and happiness. | False |
| True or False: Giving to others leads to increased personal satisfaction and happiness. | True |
| This money personality is associated with self-made wealthy individuals and involves downplaying how much money they have. | Money vigilance |
| This money personality equates self-worth with net worth and “keeping up with the Joneses” | Money status |
| his money personality believes that more money will solve problems and bring happiness. | Money worship |
| This money personality has a general belief that money is bad and they don’t deserve money themselves. | Money avoidance |
| __________ refers to avoiding options with uncertain outcomes. | Ambiguity aversion |
| ____________ leads individuals to follow popular trends without critical thinking. | Herd mentality |
| TRUE or FALSE: Businesses use slogans, logos, jingles, unique packaging, and designs in advertising to create the "brand personality" and thus, brand loyalty. | True |
| When it comes to advertising, what is your responsibility as a consumer? | To carefully analyze and evaluate ads if you want to keep more dollars in your pocket. |
| What kind of appeal (emotional or rational?) do ads prioritize more to persuade consumers? | emotional |
| Why is it important for consumers to analyze multiple sources of information before making a purchase? | to make informed decisions |
| Who is susceptible to falling for a money scam? | everyone |
| What are the characteristics of a strong password? | At least 8 characters in length and a mix of letters, numbers and special characters. |
| ___________ is a cyber attack intended to redirect a website's traffic to a different, fake site in order to steal personal information | Pharming |
| ______ is a practice of sending emails or other messages purporting to be from reputable companies in order to induce individuals to reveal personal information. | Phishing |
| One way consumers can protect themselves from identity theft is by regularly monitoring their _________report. | credit |
| Unexplained charges on your financial accounts, collection calls, and receiving credit cards you did not order are all red flags that you might be a victim of ____________ theft. | identity |
| What are advance fee scams? | Scams in which you have to pay a small fee in advance for a promise of a big pay off later |
| The best source for your free credit reports is: | www.annualcreditreport.com |
Created by:
teacherdavidfrost
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