Answers Personal FinanceSaving and Making Financial Decisions

Saving and Making Financial Decisions — Test Answers

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Saver A starts early with smaller contributions. Saver B starts later with larger contributions. Why might Saver A have more money?

earns higher wages

has more time for compound growth

pays fewer taxes

contributes more total money

What is the W-4 form used for?

calculating how much income was paid in the previous year

filing taxes with the federal government

calculating how much tax should be withheld from a person’s paycheck

determining the amount of money an employee has paid out in taxes

What is the main way the Fed works to increase employment in the United States?

by hiring people to work for the 12 locations of the central bank

by working with businesses to create new jobs in financial markets

by encouraging local banks to have job fairs in their communities

by helping the economy grow so that businesses can create new jobs

What is the first step in the decision-making process?

Get information.

Form a decision.

Identify the choices.

Take action.

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