Financial Literacy Flashcards

Front

The total pay you "take home" from a paycheck after taxes and deductions are taken out is known as what?

Back

Net pay

Front

Which tax form do employers use to determine how much tax to deduct from a paycheck?

Back

w-4

Front

Which tax form is used to inform employees of how much money (tax) was deducted from paychecks throughout the year?

Back

w-2

Front

What will be paid for as part of the escrow funds included in a mortgage loan?

Back

Property tax

Front

Amount of your paycheck before taxes or other deductions are taken out.

Back

Gross Pay

Front

What documentation is needed when seeking to open a bank account?

Back

Government - issued identification

Front

When you purchase a product at the store, what additional cost must be paid in addition to the price of the product?

Back

Sales tax

Front

What best describes the concept of APR?

Back

The credit card interest rate calculated on a yearly basis

Front

A certificate of deposit (CD) differs from a traditional savings account because...

Back

CDs must remain untouched for a fixed period of time

Front

What is not an advantage of bundling insurance?

Back

Increased insurance options