Personal Finance - Test Test Answers

What effect would a tax increase have on income?

In what way does a 401(k) differ from an individual retirement account (IRA)?

Under which circumstance would someone need disability insurance?

Which interest could best help someone become an athletic trainer?

Lenora is a college student with a student loan of $7,500. Her tuition is $3,200 per year. She owns $470 worth of text books and a has a laptop computer worth $950. She also has a meal plan at school for which she pays $250 per month. Which is one of Lenora’s assets?

In addition to federal income tax, many people also pay

Insurance is a financial service that allows a

The Hendersons are hosting a barbecue for five people and want to purchase enough chicken for everyone to have two pieces. Which option makes the most financial sense?

What is the major difference between a nationwide bank and a community bank?

Which statement best describes the role of a credit agency?

Isabella bought a CD player at the store. She will receive the bill at the end of the month. She plans to pay $30 each month until the bill is paid in full. How did Isabella pay for the CD player?

A federal payroll tax that supports retired workers is

Which statement best defines tuition?

What is a major difference between retail banks and credit unions?

Which is an example of an income deduction?

Which statement best describes what happens when people declare bankruptcy?

How is a savings account most useful?

Kenya used a debit card to buy a pair of jeans. Which statement is true about her method of payment?

Social security and medicare are

Amala listed her assets and liabilities. Credit Card Balance Car (Paid in full) Jewelry Student Loan Savings Account Stocks $850 $2,200 $125 $2,500 $1,200 $1,500 What is the total of Amala’s liabilities?

An entrepreneur keeps backup funds in a savings account so that if their business experiences a loss, they will be able to recuperate. What type of risk management is this an example of?

What should consumers consider when it comes to the price of this product?

Adrienne has several receipts from recent transactions that she entered in her records. The receipts include an ATM receipt for a 60 point 0 0 dollars withdrawal (plus a 2 point 0 0 dollars transaction fee), a grocery store receipt for 32 point 5 0 dollars , and a 1 dollars comma 200 paycheck deposit slip. When she finishes entering her transactions, Adrienne realizes that her balance is incorrect. Assuming that Adrienne’s beginning account balance was 320 point 0 0 dollars , why is her balance incorrect?

According to this chart, among people 65 and over, investment income represents the