I need help with a English question. All explanations and answers will be used to help me learn.
Choose the answer that best completes the statement or answers the question.
1. What is something you must avoid when writing a check?
a. overdrawing the account
b. using an abbreviation for the payee
c. using a non-erasable pen
d. writing in the memo blank
2. Which tax do you pay on your salary, wages, and tips?
a. payroll tax
b. income tax
c. sales and excise tax
d. estate, inheritance, and gift tax
3. The financial institution that requires you to be a member is a
a. commercial bank.
b. mutual savings bank.
c. credit union.
d. savings and loan association.
4. What is a hospital and medical insurance Social Security program for people age 65 and older?
a. Medicare
b. disability
c. Medicaid
d. retirement
5. The main purpose of taxation is to
a. provide savings for individuals.
b. pay a portion of a workers wages.
c. raise revenue.
d. pay for workers who are unemployed.
6. What refers to a form you fill out when opening a checking account that contains your personal data?
a. check register
b. signature card
c. deposit ticket
d. statement of account
7. How many work credits are required to be eligible for full Social Security benefits?
a. 26
b. 40
c. 62
d. 67
8. All of the following are important in determining the best interest rates for different savings plans EXCEPT
a. minimum deposit.
b. annual percentage yield.
c. frequency of interest compounding.
d. interest pay periods.
9. Assume that $840 was withheld from your paycheck last year for FICA taxes. How much does your employer have to send to the federal government?
a. $0
b. $420
c. $840
d. $1680
10. The FDIC insures
a. stocks.
b. deposits in banks.
c. homeowners.
d. the elderly.
11. The lower left-hand portion of a check has a space that can be used
a. to indicate the purpose of the check.
b. to keep track of your account balance.
c. for your signature.
d. for the date of the check.
12. The program that helps people who are injured or who develop a disease as a result of their job is
a. unemployment benefits.
b. Social Security.
c. workers compensation.
d. FICA.
13. Social Security provides payments for all of the following EXCEPT
a. retirement payments.
b. survivors payments.
c. disability payments.
d. unemployment payments.
14. A Roth IRA differs from a traditional IRA because
a. contributions are tax deductible with a Roth IRA.
b. you do not need to pay income tax when you withdraw funds from a Roth IRA.
c. you must pay income tax when you withdraw funds from a Roth IRA.
d. you do not need to pay income tax when you withdraw funds from a traditional IRA.
15. A plastic card used to immediately transfer funds for a purchase from a bank account to a seller is known as a(n)
a. credit card.
b. ATM card.
c. debit card.
d. sales card.
16. FICA taxes are taken from a workers paycheck to pay for
a. unemployment benefits.
b. Social Security.
c. workers compensation.
d. federal income tax.
17. Finance charges represent
a. the interest you are charged every month.
b. the percentage cost of credit on a yearly basis.
c. all of the costs involved in using credit.
d. credit card charges.
18. The amount of money a family should save for emergencies is equal to at least __________ total income.
a. two weeks
b. one months
c. two months
d. six months
19. In 2011, individuals could contribute up to __________ in a traditional or Roth IRA.
a. $2,500
b. $3,000
c. $5,000
d. $7,500
20. The tax system in the United States is considered a
a. flat tax.
b. graduated tax.
c. percentage tax.
d. pay-as-you-go tax.
21. A variable expenditure
a. is an expense that varies depending on the time of year and spending habits.
b. is usually the same amount each month.
c. includes items like mortgages and insurance.
d. is also known as a regular expenditure.
22. Excise taxes are placed on
a. income.
b. estates and inheritances.
c. large items like cars.
d. specific items like gasoline, tires, tobacco, and alcohol.
23. Liquidity refers to
a. how much retirement savings you have.
b. the amount of bills that you owe other people.
c. an asset that can easily be converted into cash.
d. how long you have to leave your money in a savings account.
24. The person or company to whom you write a check is the
a. payee.
b. debtor.
c. endorsee.
d. creditor.
25. A money market fund is
a. a loan to a company or government agency.
b. a type of mutual fund that invests in short-term, high-liquidity investments.
c. a share of ownership in a company.
d. an investment company that pools money of investors.
26. When calculating your income taxes, the amount of tax owed is based on your
a. gross income.
b. adjusted gross income.
c. taxable income.
d. net income.
27. Two reasons to set aside cash for savings are
a. emergencies and to achieve financial goals.
b. emergencies and investments.
c. investments and to achieve financial goals.
d. none of the above.
28. One of the most common mistakes in maintaining a checking account is
a. writing a check for the wrong amount.
b. writing a postdated check.
c. bouncing a check.
d. not recording checks in the register.
29. The most common form of consumer sales credit is
a. installment credit.
b. open charge accounts.
c. a revolving charge.
d. loan credit.
30. Which type of financial institution is known as a full-service bank?
a. commercial banks
b. credit unions
c. mutual savings banks
d. savings and loan associations
Determine whether the statement is true or false.
31. Social Security was always designed to meet all of a retired persons financial needs.
a. True
b. False
32. You should always endorse a check exactly as it is made out, even if your name is written incorrectly.
a. True
b. False
33. The check register is where you keep a record of checks written, deposits made, and other transactions.
a. True
b. False
34. It is certain that Social Security will be available when you retire.
a. True
b. False
35. Postdating a check assures that the check will not be cashed until after the date on the check.
a. True
b. False
36. Most young workers should use Form 1040A to calculate their taxes.
a. True
b. False
37. A negotiable order of withdrawal (NOW) is a type of checking account.
a. True
b. False
38. Aliens (citizens of other countries) who live and earn income in the United States are exempt from paying any income tax.
a. True
b. False
39. Balancing a checkbook is the same as reconciling your checking account.
a. True
b. False
40. All Social Security programs are intended for people who work.
a. True
b. False
41. A direct tax is included in the cost of goods and services you buy.
a. True
b. False
42. The annual percentage rate (APR) is the total dollar amount you pay for using credit.
a. True
b. False
43. In most states, workers compensation is financed by insurance that employers must purchase.
a. True
b. False
44. A budget helps you get the most benefit from your earnings.
a. True
b. False
45. An endorsement is needed to cash or deposit a check.
a. True
b. False
46. Investing and saving are the same thing.
a. True
b. False
47. There is only one type of savings account: a regular or passbook account.
a. True
b. False
48. When budgeting, you should only worry about short-range goals.
a. True
b. False
49. Online banking is only for making payments from your account to other people.
a. True
b. False
50. The basis of budgeting is allocating income to expenditures.
a. True
b. False
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
