Final Unit 2

Question 1

bills that include heat, electricity, water, sewer, and intenet

Answer 1

utilities

Question 2

50% of your money goes to

Answer 2

needs

Question 3

30% of your money goes to

Answer 3

wants

Question 4

20% of your money goes to

Answer 4

savings

Question 5

pay that is divided into equal payments over a year

Answer 5

salary

Question 6

a federal program in the U.S. that provides retirement benefits and disability income to qualified people and their spouses, children, and survivors

Answer 6

social security

Question 7

an asset is easily turned into cash

Answer 7

liquid

Question 8

an addition to any bank account

Answer 8

credit

Question 9

a withdrawal from a bank account

Answer 9

debit

Question 10

an account used for handling ills and day to day money needs

Answer 10

checking account

Question 11

a basic bank account, a low interest rate is offered

Answer 11

savings account

Question 12

a not-for-profit financial institution that accepts deposits, make loans, and provides a wide array of other financial services and products.

Answer 12

credit union

Question 13

Extra amount of money that you earn by depositing your money in a bank

Answer 13

yield

Question 14

anything you own

Answer 14

assets

Question 15

utilities, rent, and car payments are all different types of

Answer 15

expenses

Question 16

the agency responsible for collecting income tax on behalf of the federal government

Answer 16

IRS

Question 17

buying low and selling high

Answer 17

capital gain

Question 18

a tax that takes a higher percentage of your income as you make more money

Answer 18

progressive tax

Question 19

type of tax that takes a higher percentage of people’s income as they make less money

Answer 19

regressive tax

Question 20

a tax company that takes the same percentage out of everyone’s income

Answer 20

flat/proportional tax

Question 21

the amount of tax payable per dollar of the assessed value of a property

Answer 21

property tax “mills”

Question 22

standard federal return form, young people who do not have major deductions can use this

Answer 22

1040

Question 23

This is the form you have to fill in when you get a job and decide on how much withholding tax you want to pay

Answer 23

W4

Question 24

the form that each of your employer’s will send you sometime in January.

Answer 24

W2

Question 25

proof of income for freelance workers

Answer 25

1099

Question 26

an independent agency created by the Congress to maintain stability and public confidence in the nation’s financial system

Answer 26

FDIC

Question 27

low-risk way to help you grow your business savings

Answer 27

CD- Certificate of Deposit

Question 28

government pension that benefits retirees

Answer 28

SSI- supplemental security income

Question 29

what a bank pays a depositor for the use of their money

Answer 29

interest

Question 30

a situation where a person actively searches for employment but is unable to find work

Answer 30

unemployment

Question 31

different types of income

Answer 31

salary, wage, royalties, dividend