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Taxes, Budgeting, and Savings

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1 Taxes, Budgeting, and Savings
Unit 3 Review Game Taxes, Budgeting, and Savings 50 Questions 16 True/False 34 Multiple Choice

2 The federal agency that collects taxes is the Internal Revenue Service.

3 The amount you earn after taxed are taken out
Net income

4 Taxes on property that will be inherited from a deceased person are called
Excise taxes Property taxes D tariffs Estate taxes None of the above

5 False Most young people do not qualify to use the simplest of the income tax forms, 1040EZ.

6 A set of forms that taxpayers use to calculate their tax obligation is a ____.
W-4 Tax return B Bank statement W-2 None of the above

7 The amount you earn before taxes are taken out
Gross Pay The amount you earn before taxes are taken out

8 Bank Statement Form 1040-EZ Form W-4 Form 1099-INT Form W-2
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 ____. Bank Statement Form 1040-EZ E Form W-4 Form 1099-INT Form W-2

9 If you want to cut your spending, you'll have to start with your fixed expenses.

10 A plan for dividing up your income between spending and savings options is called a ______________

11 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? Traveler’s Checks Cancelled checks A Outstanding Checks Negotiable Checks None of the above

12 Adjusting a budget will be easier if you attempt to change flexible spending rather than fixed spending. True

13 The difference in the interest charged by banks on loans and the interest paid on money deposited is the bank's income. true

14 Today is Yolanda's payday
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? A completed deposit slip Her social security number a Her driver’s license Her PIN All of the above

15 You should reconcile your bank account about once every six months.

16 Gross income is the amount you receive after withholdings are subtracted from your gross pay.

17 A traveler’s check A money order All of the above A certified check
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? A traveler’s check A money order C. A certified check All of the above

18 Which of the following is not part of an effective budget preparation process?
Create a budget worksheet Enter most expenses as “Miscellaneous” B Estimate expenses and savings Estimate income None of the above

19 Repayment of a college loan would be considered a(n) ____.
Luxury item Fixed expense B Flexible expense Optional expense None of the above

20 1099-INT W-2 W-4 1040-EZ None of the above
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? 1099-INT W-2 a W-4 1040-EZ None of the above

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