1 | Page
h&r block Questions and Correct
Answers/ Latest Update / Already
Graded
adjustable rate mortgage
Ans: mortgage that has fluctuating principal and interest payments.
ARMs often begin as fixed mortgages and after a certain number of years
shift into adjustable rates
auto insurance
Ans: a type of insurance used by vehicle owners to cover costs
associated with car accidents
budget
Ans: a chart that documents how much money an individual earns and
spends
cash flow
, 2 | Page
Ans: the relationship between income and expenses in a budget. ex: if
you spend more money than you have coming in, you have negative
cash flow
certificate of deposit
Ans: a savings vehicle offered through banks with a set maturity date. ex:
if you put $5,000 into a five year CD, you cannot withdraw the money until
the five year maturity date without facing penalties. however, interest
rates are usually higher in CDs that traditional savings accounts, making
them desirable for longer term savings
city income tax
Ans: money collected by some city governments to be used for city
public services, such as sidewalks and city water systems
credit
h&r block Questions and Correct
Answers/ Latest Update / Already
Graded
adjustable rate mortgage
Ans: mortgage that has fluctuating principal and interest payments.
ARMs often begin as fixed mortgages and after a certain number of years
shift into adjustable rates
auto insurance
Ans: a type of insurance used by vehicle owners to cover costs
associated with car accidents
budget
Ans: a chart that documents how much money an individual earns and
spends
cash flow
, 2 | Page
Ans: the relationship between income and expenses in a budget. ex: if
you spend more money than you have coming in, you have negative
cash flow
certificate of deposit
Ans: a savings vehicle offered through banks with a set maturity date. ex:
if you put $5,000 into a five year CD, you cannot withdraw the money until
the five year maturity date without facing penalties. however, interest
rates are usually higher in CDs that traditional savings accounts, making
them desirable for longer term savings
city income tax
Ans: money collected by some city governments to be used for city
public services, such as sidewalks and city water systems
credit
