| Mike and Patty are saving monthly so they can buy a home, but they are currently renting an apartment. The apartment is part of . . . | Their level of living |
| Financial objectives are rarely achieved without controlling . . . | Spending |
| The preferred phase of the economic cycle is . . . | Prosperity |
| Jim spend $300 some new clothes rather than using this money to going to his college team’s away game last weekend. The benefits of the trip are the _________ cost of buying the clothing | Opportunity |
| Brice is going to purchase a flat screen TV. He has decided on everything except the size. The unit with the 42 inch screen costs $600 while the unit. with the 47 inch screen costs $750. What concept should he use? | Marginal Cost |
| If you receive tax-sheltered income, it means that ? | Taxes in income will be at a lower % |
| ___________ interest can lead to gaining wealth faster and earning money off of prior interest | Compound |
| Which of the following items would we as consumers like to see decrease? | CPI |
| A standard workweek is . . . | 40 hours |
| Rate times hours work is . . . | Gross pay |
| A type of incentive pay based on quality of work done or years of service on the job is called a ? | Profit sharing plan |
| An employment becomes ___________ after a specified period of employment, such as five years | Vested |
| 401(k) accounts for private employees and 403 (b) accounts for government employees are commonly called? | Employee-sponsored retirement spending plans |
| If you are a salaried worker . . . | Your gross pay is the same as your salary |
| In most cases, the amount of “take-home pay” and employee receives is . . . | About 65 to 70 percent of gross pay |
| In a flexible-scheduling arrangement, the core time period is ? | A crucial time of day when all employees must be working |
| Members of this type of union are skilled, semiskilled, or unskilled employees in a particular industry | Industrial union |
| You must file your tax return by this date every years ? | April 15th |
| Which of the following is an example of non-taxable income? | Interest from savings |
| Your filing status in your tax return is based on ? | Martial status |
| Which of the following is an example of flat tax? | Property tax |
| In the US the power to impose federal taxes rests with ? | Congress |
| The largest source of government revenue in the US is ? | income tax |
| Which of the following is a type of audit? | Field |
| Which of the following would be considered unearned income? | Scholarships |
| What is your tax liability? | Is the amount of total tax you owe on a year’s income |
| What is a tax credit? | An amount subtracted directly from the tax owed |
| When preparing a budget, you need to focus mostly on your ? | Disposable income |
| In a balanced budget . . . | Expenses + savings = earnings + borrowing |
| Which of the following is a variable expense? | Grocery bill |
| Which of the following would be considered an asset? | Checking account |
| The IRS has the legal right to audit your tax returns and supporting records for _________ years from the date filing. | 3 |
| When one person makes an offer and another person changes it, the second person is . . . ? | Making a counteroffer |
| Which of the following contracts must be signed to be legally binding? | A contract involving the sale of a farmhouse |
| A person who creates and signs the promissory note and agrees to pay it on a certain date is called the ? | Maker |
| When a check is returned to the payee’s bank due to insufficient funds, the check is said to have ? | Bounced |
| When you open a checking account, most banks will require you to have an initial deposit of at least ? | $50 |
| Darren writes a check to the phone company for $45.60. He should record this amount in his checkbook register in the . . . ? | Payment/Debit |
| A person or institution that manages property for the benefit of someone else under a special agreement is called a ? | Trustee |
| A check written by a bank on its own funds is called a ? | cashier’s check |
| You can authorize your employer to make automatic deductions from your paycheck each period with a ? | Direct deposit |
| Savings accounts protected by the FDIC are protected from loss for up to ? | $250,000 |
| Savings and checking accounts at a credit union are usually called ? | Share accounts |
| Which of the following is organized primarily to lend money for home mortgages? | Savings and loan associations |
| Interest paid on the original principle plus accumulated interest is called ? | Compound interest |
| Work-study programs allow students to earn money by working ? | On campus |
| Subsidized student loans ? | are guaranteed by the federal government |
| A typical down payment for a house is about ______ percent of the purchase price. | 10 to 20 |
| Which of the following would be considered a long-term need? | Home ownership |
