5 Written questions
5 Matching questions
- Tax Credit
- Open-end Credit
- Probate Court
- a A person who relies on another individual for support.
- b The assets and debts that a person leaves at death.
- 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.
- d The government institution with jurisdiction over a deceased person's will and estate.
- 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
- 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.
- Provides property damage and liability coverage under specific circumstances.
- The location where a transaction occurs. POS software can track sales, inventory, and customer information.
- Accumulated assets; positive net worth.
- 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
Liability Insurance → Protects the insured party from others' claims of loss due to the insured's alleged or actual negligence or improper actions.
Credit Report → An 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.
Compensation → An overall rise in the price of goods and services; the opposite of the less common deflation.
Payment Method → The means of settling a financial obligation, such as by cash, check, credit card, debit card, smart card, or stored value card.
Principal → 1. An amount of money originally invested, excluding any interest or dividends. 2. An amount borrowed, or an outstanding loan balance.