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civics review for final exam
Terms in this set (77)
the international revenue service (IRS) is the federal government agency responsible for?
tax collection and tax law reforcement
what is the difference between gross pay and net pay?
net pay describes your pay after deductions; gross pay is before deductions
sales tax and excise tax are both taxes on?
what is not a major consideration when it comes to selecting your career path?
what your parents think you should do
what are characteristics of an effective personal goal?
it should be measurable and specfic
what statement about goal setting is false?
once you've written your goals down, you should put the list away and check it in a year to see if you've achieved them
when it comes to mentoring, you should not?
find and keep a single mentor
when applying for a job, you should?
1.) follow up with the employer
2.) present yourself well
3.) provide a resume and cover letter
during your first interview with a company, you should not?
ask about salary
the government relies on taxes to?
pay for services such as roads, education, and social services
the day that income tax filings are due in the US is?
when a company hires you, you will fill out a _____ form. the information on this form is the basis for determining how much income tax should be withheld for your paycheck.
this tax pays for benefits that workers and families receive for either social security or medicare
federal insurance contribution act (FICA)
income generated by selling an investment at a higher price than you paid for it is what?
what about taxes is false?
not all types of income are taxed; while earned income and passive income are taxed, portfolio income is not taxed
if you value security, you are likely to?
when it comes to communicating with others about money, you should not?
when married couples do not share goals and values in how they manage money, what can occur?
what is false about freedom and spontaneity?
if you value freedom and spontaneity, you're more likely to be a saver
when communicating with your parents about money, you should?
1.) communicate your wants, needs, and money goals
2.) be honest
3.) be a good listener
what regarding marriage and money is false?
it is okay to hide purchases from your spouse as long as you have the cash to pay for it
what is not a rule for the budget committee meeting?
the nerd should be the one to prepare the budget
for women, the ____ is the most important key to financial security?
men tend to get good deals by?
the flow of money in a family represents the ____ under which that family operates?
since men and women are different, who is supposed to so financial decision making in a marriage?
the number one cause of divorce in America is?
a great way for a young person to avoid making money mistakes is to?
seek advice from a trusted adult
what can be a challenge when managing money on your own as a young adult?
a. impulse buying due to a lack of an accountability partner
b. not keeping a written budget
c. time poverty and fatigue
d. ALL of THE ABOVE**
you should communicate your money goals with your parents and other close to you because?
it will allow others to help you by providing accountability and encouragement along the way
in order to make it more difficult to repeal a bill of rights, what did all states do early on in US history?
they added them to their state constitutions
who are allowed to "hold" rights that may be spelled out in a bill of rights?
2.) classes or categories of people
economics rights do what?
allows citizens to choose the work or career that they would like
why are the 9th and 10th amendments to the US constitution different than the rest?
these amendments leave certain powers to the states; reserved powers
an official state sponsored religion is known as?
an established religion
separation of church and state means what?
a. means that the government will show no preference for one religion or another
b. is in the 1st amendment of the US constitution
c. is the basis for the free exercise clause of the 1st amendment
d. none of the above****
proponents of a broad interpretation of the establishment clause believe?
that the government can't provide any aid to any religion
proponents of a narrow interpretation of the establishment clause believe?
that the government can't give preferential treatment to one religion over another
proponents of a literal interpretation of the establishment clause believe?
that the 1st amendment prevents only the establishment of an official religion
the free exercise clause prevents what?
congress from making a law restricting the practice of one's religious beliefs
free expression does what?
1.) promotes individual growth and human dignity
2.) advances knowledge
3.) necessary part of representative government
4.) vital for bringing about peaceful social change
5.) essential for the protection of all individual rights
the most common times for free expression to be suppressed in the US is?
times of national emergency (economic or war)
what is an example of limiting free expressions?
not allowing people to commit perjury
commonly accepted laws that limit free expression generally limit what?
1.) false advertising
3.) incitement to crime
blaring music at 2am, a speech about the death penalty to a classroom full of kindergartners, and shouting responses in a courtroom are examples of what?
time, place, and manner restricted speech
the supreme court has ruled that laws restricting speech do what?
must be content and applied fairly
limitations on speech at many universities in America, known as _____ are designed to prevent statement about race, religion, gender, sexual orientation, or national origin that may offend others
long-term investments, properly diversified, include what mutual funds?
growth, growth and income, international, aggressive growth
what is a good investment option?
what statement is true about liquidity?
the more liquid an investment, the less return
a reason that people need to save and invest is to?
enable their money to make money
company X's board of directors has decided to issue a portion of its earnings to its shareholders: if you own stock in company X, you can expect to receive what?
savings accounts and money-market accounts are most appropriate for what?
emergency funds and short-term goals
the benefit of diversification in your investment is to what?
to ensure that some of your retirement savings will not be subject to income tax upon withdrawal, you could contribute to what?
a roth IRA
a young investor willing to take moderate risk for above-average growth would be most interested in what?
in some cases, employers will match the employee contribution, but you should fund your plan whether your company matches or not. this statement refers to what?
a retirement plan found in nonprofit organizations such as churches, hospitals, and schools is what?
what statement about the stock market is false?
formed in 1792, the New York exchange is the smallest organized stock exchange in the US
when buying and selling investments, you should not do what?
switch your investment strategy often, based on market conditions
employee benefits package what?
are non-wage compensations provided to employees in addition to their normal wages or salaries
a savings account sold by an insurance company, designed to provide payments to the holder at specified intervals, usually after retirement
what would not be a huge financial risk (and, therefore would not require insurance) if you had a full emergency fund of $500 or more
you lose your cell phone
the time between the disabling event and the beginning of payments in your disability coverage is called?
life insurance policy for a specific period is called?
the purpose of insurance is to what?
transfer financial risks
what is not a recommended way of lowering your car insurance premiums?
drop your auto insurance altogether
what types of insurance is not recommended for a young single adult?
what is not a recommended way to save on your health insurance premium?
if you are young and healthy, you do not need health insurance
a person becomes self-insured when?
their kids are grown, they have no debt, and they have a fully funded retirement
what is true of duplicate insurance?
any kind of duplicate coverage is a bad idea
what statement about long-term care insurance is false?
you should not buy long term care insurance until 30
what statement about disability insurance is false?
disability insurance is not necessary if you have good health insurance
what statement about life insurance is true?
cash value insurance is normally for life and is more expensive than term life insurance because it funds a savings plan
what is not a benefit of having a will?
you only need a will if you have a large estate
what policies would be a duplicate coverage for your health insurance?
cancer and hospital indemnity insurance
you are involved in a two-car accident in which you are at fault. the other driver is injured and your insurance covers the medical expenses of the victim. this type of insurance coverage is called what?
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