unit 3 review game taxes, budgeting, and savings 50 questions 16 true/false 34 multiple choice
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Unit 3 Review Game
Taxes, Budgeting, and Savings50 Questions
16 True/False34 Multiple Choice
TRUE or FALSE?TRUE or FALSE?
The federal agency that collects taxes is the Internal Revenue Service.
The amount you earn after taxed are taken out
Net income
A.
B.
C.
D.
E.
Taxes on property that will be inherited from a deceased person are called
None of the above
Excise taxes
tariffs
Property taxes
Estate taxes
TRUE or FALSE?TRUE or FALSE?
Most young people do not qualify to use the simplest of the income tax forms, 1040EZ.
A.
B.
C.
D.
E.
A set of forms that taxpayers use to calculate their tax obligation is a ____.
None of the above
W-2
Bank statement
W-4
Tax return
The amount you earn before taxes are taken out
Gross Pay
A.
B.
C.
D.
E.
By January 31 each year every U.S. employer must provide each of its employees with a summary of his or her earnings and withholdings. Employees then use and enclose a copy of this form with their tax forms in reporting their individual taxes. This form is known as ____.
Form 1099-INT
Bank Statement
Form W-4
Form 1040-EZ
Form W-2
TRUE or FALSE?TRUE or FALSE?
If you want to cut your spending, you'll have to start with your fixed expenses.
A plan for dividing up your income between spending and savings options is called a ______________
Budget
A.
B.
C.
D.
E.
Which of the following are checks for which you pay in advance and, if they are lost or stolen, the company from which you bought these checks will replace them?
None of the above
Negotiable Checks
Outstanding Checks
Cancelled checks
Traveler’s Checks
TRUE or FALSE?TRUE or FALSE?
Adjusting a budget will be easier if you attempt to change flexible spending rather than fixed spending.
TRUE or FALSE?TRUE or FALSE?
The difference in the interest charged by banks on loans and the interest paid on money deposited is the bank's income.
A.
B.
C.
D.
E.
Today is Yolanda's payday. She has decided to deposit her entire paycheck into her checking account. After she endorses the check, what will she need to give the bank to complete this transaction?
All of the above
Her PIN
Her driver’s license
Her social security number
A completed deposit slip
TRUE or FALSE?TRUE or FALSE?
You should reconcile your bank account about once every six months.
TRUE or FALSE?TRUE or FALSE?
Gross income is the amount you receive after withholdings are subtracted from your gross pay.
A.
B.
C.
D.
E.
Next Wednesday Tracy and Jon will close on the home they are buying. At the closing, they will sign several legal documents and provide the mortgage company with a $15,000 down payment. Tracy and Jon do not want to carry that much cash with them; the mortgage company will not accept their personal check for that large a sum of money. What can they obtain in advance to make the $15,000 down payment?
All of the above
A money order
A traveler’s check
A certified check
A.
B.
C.
D.
E.
Which of the following is not part of an effective budget preparation process?
None of the above
Estimate income
Estimate expenses and savings
Create a budget worksheet
Enter most expenses as “Miscellaneous”
A.
B.
C.
D.
E.
Repayment of a college loan would be considered a(n) ____.
None of the above
Optional expense
Flexible expense
Luxury item
Fixed expense
A.
B.
C.
D.
E.
Last year Kelly and Matt began placing $100 a week into an interest-bearing savings account at their bank. At the end of the year, the couple had saved $5,200 and had earned $173 of interest. What form will the bank provide both the IRS and Kelly and Tom stating the interest earned on their account during the tax year?
None of the above
1040-EZ
W-4
W-2
1099-INT