5 Written questions
5 Matching questions
- Peer Pressure
- Payroll Deduction
- Disposable Income
- a The influence that a social group has on an individual, based on the individual's desire for the group's approval.
- b An amount an employer withholds from a paycheck. Mandatory deductions include various taxes. Voluntary deductions include loan payments, charitable contributions, and direct deposits into financial institution accounts.
- c Gross pay minus deductions for taxes.
- d Compensation for work, usually calculated on an hourly, daily, or piecework basis and paid on schedule—usually weekly, biweekly, or monthly. (See Salary.)
- e A written contract specifying the terms for the use of an asset and the legal responsibilities of both parties to the agreement, such as a landlord and tenant.
5 Multiple choice questions
- A profession or field of employment for which one studies or trains, such as financial services or medicine.
- A federal government program that provides retirement, survivor's, and disability benefits, funded by a tax on income, which appears on workers' pay stubs as a deduction labeled FICA (for Federal Insurance Contributions Act, the enabling legislation).
- Physical objects—such as fine art, stamps, and antiques—that an investor buys in the hope that they will grow in value.
- The government institution with jurisdiction over a deceased person's will and estate.
- A document representing a loan of more than one year to the U.S. government, to be repaid, with interest on a specified date.
5 True/False questions
Profit → The positive difference between total revenue and total expenses of a business or investment.
Life Insurance → Protects dependents from loss of income, debt-repayment, and other expenses after the death of the insured party.
Stored-Value Card → Prepaid plastic card that allows purchases up to a set limit, at which point the card is discarded or, if "rechargeable," replenished from an account.
Spending Plan → Another name for budget.
Tax Deferral → Earnings, such as interest from municipal bonds, that are free of certain taxes. (See Tax credit and Tax deduction.)