Personal & Finance A Flashcard

Front

What is TRUE about a bartering system?

Back

It allows people to exchange goods without using money or any other type of financial item.

Front

What is it called when the government initiates action against companies that appear to have too much power?

Back

antitrust suits

Front

How do brokerage firms primarily make their profits?

Back

fees or commissions on sales or transfers

Front

Amanda submitted her taxes, but someone from the IRS called her because they want to talk more about her tax return. What is Amanda MOST likely experiencing?

Back

tax audit

Front

River and Pat are married. They always combine their incomes on one tax return. Which tax status do they choose?

Back

married, filing jointly

Front

Monique receives a check each month from the tenants living in the townhomes she owns. What type of income is this considered?

Back

passive income

Front

What is TRUE about taxes?

Back

The tax money comes out of the citizen’s earned income and overall wealth.

Front

Tanya has money that she wants to leave to her grandchildren after she dies, but she doesn’t want them to have to pay an inheritance tax. What is the BEST way for Tanya to leave money to her grandchildren tax-free? Options: Put all of her money into a 401k., Start gifting each of them $15,000 per year now., Put all of her money into stocks and bonds., Start gifting each of them $25,000 per year now.

Back

Start gifting each of them $15,000 per year now.

Front

Jake has a taco truck but has recently expressed a desire to take more time off. He hires Emmy to cover the truck three days a week. Emmy is an example of which economic resource?

Back

labor

Front

What type of service do pawnshops generally offer?

Back

loans on possessions