Personal Finance Chapter 3 and 4 Partial | Baamboozle - Baamboozle

English 27 Public

Review of terms

Study Slideshow

What is also called "net pay"

Take-home pay

15

True or False: Benefits are non-wage compensation, such as insurance and retirement plans.

True

15

What is the acronym for medicare and social security deductions from your paycheck?

FICA

15

True of False: You will get your medicare and social security taxes back in your tax return.

False

15

What is another term for pay usually calculated by the hour?

Wages

15

True or False: Withholdings are income taxes taken from your paycheck?

True

15

True or False: Having a college degree will guarantee you a high paying job

False

15

True or False: The US has a progressive income tax system.

True

15

What is the type of tax paid to the federal government to pay for a basic monthly income to senior citizens?

Social Security Tax

15

True or False: You should find a job that you hate and are not good at, even if it pays really well.

False

15

What is the type of deduction from your paycheck that pays for medical costs for citizens over 65?

Medicare

15

What is an agreement in which a policyholder transfers the risk for potential financial losses to another party in exchange for a fee

Insurance

15

This type of insurance gives a payment to family members when the policyholder dies.

Life insurance

15

This type of investment represents small pieces of ownership in a company.

Stocks

15

This type of investment involves a pool of money collected from a group of investors to purchase many types of stocks

Mutual Funds

15

This type of investment involves a loan to a government or company which will pay interest as a return to the investor.

Bonds

15