Last
Economics
Jeopardy
Ever!
YEA!!!!!
100
FICA is an acronym for what?
Federal Insurance Contributions Act
100
The majority of discretionary spending goes to what category?
Military
100
Ideally, debt-to-income ratio should be less than ___________ of gross income.
33%
100
Which amendment gives the federal government the power to authorize taxes on income?
16th
100
Traditional IRA holders must begin withdrawing at what age?
70 1/2
200
An estate planning tool created to facilitate the transfer of one’s assets to their heirs in a private manner, outside of probate court.
trust
200
List three tips to avoid fraud.
Monitor your credit report Use passwords that are hard to crack Change your passwords often Use anti-virus software on your computer Notify your bank of any changes to your address or phone number Keep track of your credit and debit cards Etc.
200
What is the main difference between a Roth IRA and a Traditional IRA?
Traditional IRA, taxes are taken out at the time of withdrawal, Roth IRA, taxes are taken out at the time of deposit
200
Business sponsored retirement plans; business can contribute matches.
401k
200
When money is deposited by one person with a neutral third party so that it can be delivered to another party upon completion of an event.
Escrow
300
The majority of mandatory spending goes to what category?
Health and wellbeing
300
What is the difference between subsidized and unsubsidized loans?
The government will cover the interest on a subsidized loan while a student is in college
300
A letter of intent stating the wishes of how one would like their assets transferred upon death.
will
300
Most financial advisors agree that that you will need approximately _____________ of your pre-retirement income in order to continue to live a comfortable lifestyle once you do decide to retire.
70%
300
Employees non -profit tax exempt organization; matching contribution option.
403b
400
List three advantages of home ownership.
Answers will vary
400
The date to file your tax return usually falls on which date?
Aprill 15th
400
List four ways the Consumer Products Safety Commission serves consumers.
Posts recall information on products Provides safety education about products Publishes research and statistics on commonly used and popular products Communicates regulations, laws, and standards about products in consumer-friendly language
400
What is the main purpose of FAFSA?
To determine financial aid eligibility
400
Investment fund diversified with such assets like stock and bonds managed by professionals/brokers
Mutual Funds
500
Approximately how much of the total budget was spent on mandatory spending in 2015?
66%
500
FICA is a payroll tax that funds mainly which two government programs?
Social Security and Medicare
500
How much do economists recommend as a good target to save and invest for retirement?
15% of one's income
500
Why is it important to have a diversified portfolio?
It offers the best opportunity for reward with minimal risk
500
When was Social Security enacted and by who?
During the Great Depression (1935) by FDR
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