Section 2 Study Questions

356 Words2 Pages
Section 2 Study Questions (9.0 points) Answer each question fully. Complete sentences are not necessary. Lesson 1 (3.0 points) 1. What is renting? (0.5 points) is when you pay to use something that belongs to someone else 2. What is a financial plan? (1.0 points) 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) is money that you earn or receive. 4. What is a projection? (0.5 points) is a guess or estimate about what something will be like in the future 5. What is a will? (0.5 points) is a legal document that states what you want to have happen to your finances after your death. Lesson 2 (3.0 points) 1. What is a tax? (0.5 points) 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) is the government agency in charge of administering federal taxes. 3. What is the capital gains tax? (0.5 points) 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) Social Security taxes and Federal Insurance Contributions Act (FICA) tax. 5. What is a pay stub? (0.5 points) Each time a company pays you, you'll receive a short summary of the amount of your gross pay, and the amount of payroll withholding for that pay period Lesson 3 (3.0 points) 1. What is financial responsibility? (0.5 points) The amount of your bill you have to pay. 2. Give at least two examples of utilities. (1.0 points) Heating and electric 3. What are features? (0.5 points) Anything pleasing or good about a thing. 4. What are benefits? (0.5 points) Favorable things offered by an employer. 5. What is a budget? (0.5 points) How much you make

More about Section 2 Study Questions

Open Document