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Personal Finance Exam Review Semester 2
Terms in this set (25)
Who is responsible for tax collection and tax law enforcement?
What is gross pay?
Pay before deductions
What is net pay?
Pay after deductions
Sales Tax is a tax on ?
True/False: The purpose of taxes is to pay for services including roads & education.
Which tax benefits Social Security & Medicare
What taxes are deducted from your pay check?
FICA, State, Local, and Federal.
What should you consider before donating to charity?
How well it is run, Values, beliefs, and accountability.
True/False: People should give to their charity long-term.
What is Dave Ramsey 5th foundation?
True/False: The 5 foundations are a way to establish good credit.
False because we don't want to have credit.
True/False: All charities qualify as charitable deductions.
Giving should be ___ in your budget.
True\False: Employer- sponsored retirement savings plans are a great employee benefit.
gross pay - deductions =
True/False: Gross income is salary before taxes.
Which factors affect tax exemptions resulting in lower taxable income?
Children, 403 B's, and pre-tax retirement accounts.
It is better to focus your money to a few charities.
Roughly 65% of american households give to charity.
What is the difference between a fixed-rate and an adjustable- rate mortgage.
An employee with a vested retirement plan is entitled to...
what is the role of an executor of a will?
a tax raise to break the popularity of a product would include the tax on...
When inflation rates are higher than savings account interest rates, what is the result?
What government program supports Americans who have a disability.
The government can garnish wages to get tax monies owed
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