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5 Written Questions

5 Matching Questions

  1. Rate of Return
  2. Garnishment
  3. Individual Retirement Account (IRA)
  4. Savings Bond
  5. Scam
  1. a A document representing a loan of more than one year to the U.S. government, to be repaid, with interest on a specified date.
  2. b A court-sanctioned procedure that sets aside a portion of an employee's wages to pay a financial obligation.
  3. c A fraudulent or deceptive act.
  4. d Annual earnings on an investment expressed as a percentage of the amount invested; also known as yield. Example: A $3 annual dividend divided by $34 share cost = 0.088, an 8.8% rate of return.
  5. e An investment with specific tax advantages. A traditional IRA defers taxes on earnings until withdrawal and, under certain circumstances, allows the deduction of some contributions from current taxable income. A Roth IRA requires after-tax contributions only, but allows tax-free withdrawals under certain rules.

5 Multiple Choice Questions

  1. Covers specific costs of custodial care in a nursing facility or at home.
  2. An expense that a taxpayer can subtract from taxable income. Examples include deductions for home mortgage interest and for charitable gifts. (See Tax credit and Tax exemption.)
  3. 1. A spending plan. 2. A record of projected and actual income and expenses over a period.
  4. A government fee on business and individual income, activities, or products.
  5. Covers specific medical costs associated with illness, injury, and disability.

5 True/False Questions

  1. Decision making, systematicA summary of receipts and payments for a given period, helpful when preparing a budget; also known as an income and expense statement.

          

  2. Credit Counseling ServiceAn organization that provides debt and money management advice and assistance to people with debt problems.

          

  3. DividendsAn individual's beliefs about what is important, desirable, and worthwhile, which often influence decisions.

          

  4. Financial GoalsA person who provides financial information and advice. Examples include employee benefits staff, bank and credit union employees, credit counselors, brokers, financial planners, accountants, insurance agents, and attorneys.

          

  5. Electronic Funds TransferProtects from losses due to damage to the contents of a dwelling rather than the dwelling itself.

          

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