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 |