Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Financial Literacy Test List the 5 steps in the Decision Making Process • • • • • Identity the problem Gather information and list possible alternatives Consider consequences of each alternative Select the best course of action Evaluate the results • Financial planning is a ___thinking process____________ ______________________ that helps achieve goals List the five steps in creating a Financial Plan? • Determine your current financial situation • Develop your financial goals • Identify your options • Evaluate your alternatives • Create and use your financial plan of action What does a SMART goal stand for? • Specific • Measurable • Attainable • Realistic • Time-Limited What is Gross Income? • Hours times rate of pay What is Net Income? • Gross income minus tax deduction What are the four taxes employers must deduct from your paycheck? • • • • Federal Withholding FICA Medicare Utah State Withholding What does FICA stand for? • Federal Insurance Contribution Act What is a W-4 used for? • Used to tell employer payroll department the amount of allowances for employee. What is an I-9 used for? • Evidence of illegible work status What does a W-2 show? • Reports taxable income and taxes withheld How is a 1040 EZ different from a 1040? • Shorter version of 1040 What is an Entrepreneur? • Self-employed person What is a spending plan? • A tool used to record and track projected and actual income and expenses over a period of time. • Also called a budget. What is a check? • Access to funds in checking account What does it mean when you bounce a check? • Insufficient funds What is a checking account register? • Tracks checking account transactions What does ATM stand for? • Automated Transaction Machine What is a Debit Card? • Checking account access using card What is a PIN? • Personal Information Number What is Direct Deposit? • Paycheck deposit directly from employer to employee checking account What is Bankruptcy? • All debt removed What is Debt? • Amount owed to company What is the Time Value of Money mean? • Money value in the future What is insurance? • Damage coverage What is an insurance premium? • Amount paid for insurance coverage What is compound interest? • Interest amount growing over period of time Banks and Credit Unions are FOR PROFIT • True • False Define the word Usury. • The illegal action or practice of lending money at unreasonably high rates of interest. Damon Williams loved to buy New Balance basketball shoes. • True • False