Unit 2

Everyone pays the same % of tax

• income

• progressive

• regressive

• flat/proportional

Money spent on goods and services

• budget

• tax

• expenditures

• income

Compounding interest follows the Rule of _____

• 28

• 27

• 72

• 100

You follow the Rule of ____ when figuring out how much you can afford for a mortgage each month

• 72

• 28

• 82

• 12

Suzie's yearly expenditures are $50,000. Her yearly income is $45,000. Suzie finds herself in what type of situation?

• budget surplus

• balanced budget

• budget deficit

• budget shortage

The USA has this type of income tax system

• progressive

• proportional

• flat

• regressive

True/False: All states have an income tax

• True

• False

FICA includes what two programs

• Medicaid and Social Security

• WIC and Welfare

• Medicare and Social Security

• WIC and Social Security

Liquidity refers to

• available credit

• how fast you can turn an asset into usable cash

• making money on an investment

• flow of cash from one account to another

This score shows how risky or safe you are to lenders

• FICO

• FICA

• liquidity

• financial asset