LUOA Finance Module 3 Test question & answers 2023

LUOA Finance Module 3 Test question & answers 2023What are the two parts of the pie diagram that make up the "Owe" section? - correct answer taxes; debt As a citizen of the United States, you are required to pay _________. - correct answer taxes What tax deductions are considered statutory (those mandated by law)? - correct answer Federal Social Security Medicare State To determine net pay, you _________ subtract from _________. - correct answer deductions; gross pay What are some items that the Federal Government uses citizen tax money to pay for? Choose all that apply. - correct answer Defense Social Security Medicare Roads What is a W-4 Form? - correct answer A form used by your employer to withhold the correct income tax from your salary What date indicates the end of the tax year? - correct answer December 31 An Inheritance Tax is a State Tax. T/F - correct answer True A community is defined as a group of _____________ living in the same place or having characteristics in common. - correct answer people The "About Page" of an organization's website can help you learn valuable information about that organization. T/F - correct answer True Paying taxes is a way to live a ____________ life for the provision that God has given us. - correct answer grateful Public libraries are funded through tax dollars. T/F - correct answer True Savings Account - correct answer This type of account will be through your bank typically, and earns very little interest income. Money Market Account - correct answer Similar to a Savings Account, however, you can write checks from this type of account Dividends from Stocks and Bonds - correct answer Payments made by a company to the owners of a company's stock or bond Certificate of Deposit - correct answer A product offered by financial institutions (usually banks) that offers a higher interest rate in exchange for the costumer agreeing IRAs - correct answer Can be Traditional or Roth 401(k), 403(b) and 457 plans - correct answer The most common types of employer-sponsored retirement savings plans - named for the Internal Revenue Service tax codes College 429 Plan - correct answer These are plans usually offered by states that allow you to earn interest on money set aside for future college tuition