Financial Literacy FINAL Test Review

Front

Monthly rent payments are an example of a(n) _____ expense.

Back

fixed

Front

Obligations to be paid over a long period of time are _____.

Back

long-term liabilities

Front

Eligible workers who work more than _____ hours per week must receive overtime pay at least _____ times their regular hourly rate.

Back

40, 1.5

Front

The Employee's Withholding Certificate is a federal tax form that is also called the _____?

Back

Form W-4

Front

A(n) _____ is a report containing information used to calculate taxes owed by the taxpayer.

Back

tax return

Front

What is it called when the federal government spends more money than it collects?

Back

deficit spending

Front

Which federal program pays for certain health-care expenses for older citizens and others with disabilities?

Back

Medicare

Front

At what age do workers become eligible for full retirement benefits from Social Security? Options: 55, 59 1/2, 65, 67

Back

67

Front

Customer deposits in a federally insured bank are insured up to what amount?

Back

$250,000

Front

What banking service ensures a financial institution will honor a check even if it exceeds the account balance?

Back

overdraft protection