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5 Written questions

5 Matching questions

  1. Tax Credit
  2. Dependent
  3. Estate
  4. Open-end Credit
  5. Probate Court
  1. a A person who relies on another individual for support.
  2. b The assets and debts that a person leaves at death.
  3. c An agreement with a financial institution that gives a borrower the use of money up to a specified limit for an indefinite time as long as repayment of the outstanding balance and finance charge proceeds on schedule; also known as revolving credit or a revolving line of credit. A credit card is an example.
  4. d The government institution with jurisdiction over a deceased person's will and estate.
  5. e An 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 Multiple choice questions

  1. 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.
  2. Provides property damage and liability coverage under specific circumstances.
  3. The location where a transaction occurs. POS software can track sales, inventory, and customer information.
  4. Accumulated assets; positive net worth.
  5. A program, financed by state and federal government tax revenues, to pay specified health care costs care for those who cannot afford them.

5 True/False questions

  1. Liability InsuranceProtects the insured party from others' claims of loss due to the insured's alleged or actual negligence or improper actions.


  2. Credit ReportAn official record of a borrower's credit history, including such information as the amount and type of credit used, outstanding balances, and any delinquencies, bankruptcies, or tax liens.


  3. CompensationAn overall rise in the price of goods and services; the opposite of the less common deflation.


  4. Payment MethodThe means of settling a financial obligation, such as by cash, check, credit card, debit card, smart card, or stored value card.


  5. Principal1. An amount of money originally invested, excluding any interest or dividends. 2. An amount borrowed, or an outstanding loan balance.


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