QUIZ Personal Financial Statements 2/27

Which deduction from your paystub is paid back later?

• federal income tax

• social security

• state income tax

Which action can create a negative impact on your credit history?

• paying mortgages installments on time

• having no overdraft balance

• making irregular or missing loan payments

• paying bills on time

Agnes earns $25,000 as salary. His deductions include a tax of $3,400 and medical expenses of $1,250. He also receives a travel allowance of $1,050. What will be his net pay?

• $20,000

• $21,450

• $21,000

• $21,400

Emma applies for a home loan. The bank asks him to furnish a document as residential proof for processing the loan. Which document should she provide to facilitate the loan process?

• paystub

• bank reconciliation statement

• social security card

• personal account register

Harriet needs advice for paying off an education loan that she had taken two years back. Which financial service provider should she seek advice from?

• attorney

• insurance agent

• investment advisor

• trust company

Which TWO security regulations does the PCI enforce with regard to electronic banking?

• Banks must maintain a secure network.

• Banks must compensate customers for money lost due to stolen cards.

• Banks must allow customers to choose the level of security they want.

• Banks must have an information security policy.

Which factor determines the type of federal tax form you must complete?

• gross annual income

• marital status

• residential status

• age

Which is the function of a bank reconciliation statement?

• to detect discrepancies in your income tax forms

• to detect discrepancies between your accounting records and the bank’s records

• to calculate income tax

• to calculate the net salary

What important characteristic should you look for when choosing a financial service provider?

• certification and licenses

• location

• experience

• location

How much does Finn earn hourly?

• $40/hr

• $20/hr

• $15/hr

• $12/hr