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5 Written questions

5 Matching questions

  1. Income
  2. Ethics
  3. Grace Period
  4. Deductible
  5. Individual Retirement Account (IRA)
  1. a Money earned from investments and employment.
  2. b 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.
  3. c A time during which a borrower can pay the full balance of credit due and not incur finance charges or pay an insurance premium without penalty.
  4. d The dollar amount or percentage of a loss that is not insured, as specified in an insurance policy.
  5. e A set of moral principles or beliefs that govern an individual's actions.

5 Multiple choice questions

  1. A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest, according to a specific schedule.
  2. The act of voluntarily contributing to others' welfare.
  3. Gross pay minus deductions for taxes.
  4. An agreement to provide goods, services, or money in exchange for future payments with interest by a specific date or according to a specific schedule. The use of someone else's money for a fee. (See Open-end credit, Closed-end credit, and Easy-access credit.)
  5. The value of possible alternatives that a person gives up when making one choice instead of another; also known as a trade-off.

5 True/False questions

  1. SalaryCompensation for work, expressed as an annual sum and paid in prorated portions regularly— usually weekly, bi-weekly, or monthly. (See Wage.)

          

  2. Liability InsuranceReplaces a portion of income lost when a person cannot work because of illness or injury.

          

  3. Time Value of MoneyThe potential of an investment to increase in value through periodically compounded earnings.

          

  4. Tax CreditAn amount that a taxpayer who meets certain criteria can subtract from tax owed. Examples include a credit for earned income below a certain limit and for qualified post-secondary school expenses. (See Tax deduction and Tax exemption.)

          

  5. RiskAn amount paid for a service beyond what's required, usually to express satisfaction; also known as a gratuity.

          

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