PFL Semester Test

Front

What is the first step in creating a budget?

Back

Tracking income and expenses

Front

A fixed expense is:

Back

A cost that remains the same every month

Front

Which of the following is an example of a variable expense? Mortgage payment, Grocery bill, Car insurance, Property taxes

Back

Grocery bill

Front

Why is it important to save for emergencies in a budget?

Back

To cover unexpected expenses

Front

What is the recommended percentage of income to save each month? Options: 5%, 10%, 25%, 50%

Back

10%

Front

What is the purpose of income taxes?

Back

To fund government programs and services

Front

Which form is used to report annual earnings and taxes withheld?

Back

W-2

Front

What is the sales tax?

Back

A tax on goods and services purchased.

Front

Which of the following is deducted from a paycheck for federal programs like Social Security? Property tax, FICA tax, Sales tax, Capital gains tax

Back

FICA tax

Front

What is the deadline to file federal income taxes in the United States?

Back

April 15