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Taxes
Banks/Financial Institutions
Types of Financial Institutions
Financial Accts
Saving
100
FICA programs provide benefits....
Who is Children of deceased workers, Retirees and People with disabilities
100
The Federal Deposit Insurance Corporation (FDIC) insures account holder’s accounts for up to _____.
What is $250,000
100
Jeremy keeps most of his money in a savings account for after high school. He does have a few, but not many, bills to pay. What type of account might be best for his needs?
What is Interest-bearing account
100
The person to whom the check is written is referred to as the _____.
What is payee
100
Darin has a very stable job that he has held for many years and he does not see the reason for an emergency fund. Why should Darin have an emergency fund?
What is to plan for the unexpected
200
Which tax form tells employers how much tax to withhold from your pay?
What is W-4
200
Rena has started working part-time and wants to save money for a car. Rena only has a small amount to open the account and wants to be able to access the money. What type of savings account would be best for Rena?
What is regular Savings Acct.
200
for-profit institutions owned by shareholders who receive the profits; provide a wide range of services and products
What is Commercial banks
200
LaDawn works at a company and belongs to a credit union. What type of checking account would LaDawn have?
What is share account
200
Kiran doesn’t worry about putting away savings since his employer deducts a specific amount each month in a savings plan. How is Kiran making saving easier?
What is payroll deduction
300
Sales tax is an example of a ______ tax.
What is regressive tax
300
Which savings institution has the benefit of the accounts being “share” accounts and interest rates may be higher?
What is credit union
300
The least expensive, least time-consuming way to maintain a checking account without extra fees is to ______.
What is regulary balance your account
300
What term refers to “balancing a checkbook” and is the best way to keep a correct balance and catch mistakes?
What is reconsiliation
300
Shontel has been saving money and is a bit surprised when he adds it up and realizes he has almost $3,000. Shontel does not think he will need the money soon but does want to be able to access it. He intends to go to college and decides he should put the money in a savings account. What type of savings account would be best for Shontel?
What is money market account
400
national health insurance plan
What is Medicare
400
Which savings institution has the benefit of being operated for depositors and providing profits in dividends?
What is mutal savings banks
400
T/F Deposits that consumers put in a financial institution are used to make loans to individuals and businesses.
What is true
400
Financial institutions must investigate reported errors within _____.
What is ten days
400
Daphne has won $1,000 at a livestock show. She decides that she wants to put the money in a savings account and is willing to leave it in for up to two years. What type of savings account would be best for Daphne?
What is certificate of deposit
500
usually the largest deduction and based on a Form W-4 or Employees Withholding Allowance Certificate
What is federal tax
500
Blake has $3,000 in a savings account that earns 6% interest. How long will it take Blake to double his money assuming he earns compound interest and makes no withdrawals?
What is 12
500
have no physical location for consumers; everything is done online
What is internet banks
500
Ashley has just opened a checking account and doesn’t want to ever become overdrawn. What advice should Ashley follow to avoid being overdrawn?
What is make it a habit to write in the check register before writing checks or making withdrawals
500
Ava wants to do something different for the birth of her first grandchild. She has decided she would like to get as a gift some type of savings account that would continue to provide some small interest to the baby throughout growing up. What type of savings account would be best for Ava?
What is savings bond