Section 2 Study Questions 2 Essay

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Lesson 1 (3.0 points) 1. What is renting? (0.5 points) Renting is when you pay to use something that belongs to someone else. 2. What is a financial plan? (1.0 points) A financial plan is a way of organizing your finances so you’ll be able to set and meet financial goals, while making sure you have enough money to spend on things you need. 3. What is income? (0.5 points) An income is the consumption and savings opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. 4. What is a projection? (0.5 points) A projection is a guess or estimate about what something will be like in the future. 5. What is a will? (0.5 points) A will is a legal document that states what you want to have happened to your finances after your death. Lesson 2 (3.0 points) 1. What is a tax? (0.5 points) A tax is a financial obligation that a person or company is required by law to pay to the government. 2. What is the Internal Revenue Service? (0.5 points) The Internal Revenue Service is responsible for collecting taxes and interpretation and enforcement of the Internal Revenue Code. 3. What is the capital gains tax? (0.5 points) The capital gains tax is a tax that applies to investments and other personal property. 4. Give at least two examples of types of state taxes. (1.0 points) a) State income taxes b) Transaction taxes 5. What is a pay stub? (0.5 points) A pay stub is a record of the hours you’ve worked or your salary an vacation times and then also your final pay. Lesson 3 (3.0 points) 1. What is financial responsibility? (0.5 points) Financial Responsibility is a value shared by many people. It means being responsible about the way you spend your money. 2. Give at least two examples of utilities. (1.0 points) a) Electricity b) Water 3. What are features? (0.5 points) Features are the notable qualities

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