Exam (elaborations)
APEX Financial Literacy Final Exam Question with Complete Solutions
- Course
- Institution
APEX Financial Literacy Final Exam Question with Complete Solutions
[Show more]
Content preview
APEX Financial Literacy Final Exam Question with Complete SolutionsGross income Correct Answer-the total amount of income from wages before any payroll deductions
Payroll deductions Correct Answer-Mandatory/voluntary dedication that
is subtracted from an employee's gross income
Net income Correct Answer-The money you take home (after taxes and deductions) taxes
Withholdings Correct Answer-Mandatory deductions
Taxable income Correct Answer-income on which tax must be paid; total income minus exemptions and deductions
W-4 form Correct Answer-Filled out by an employee to help employer determine how much tax to withhold
Estimated tax payments Correct Answer-Free lancers/ independent contractors - paid 4 times a year - $ paid is based on previous years taxes
1099 Form Correct Answer-Independent contractors only - form each client
1040 form Correct Answer-Individuals use to file taxes with the IRS
W-2 Form Correct Answer-A form issued that lists an employees total earnings and tax deductions
Depository institutes Correct Answer-Commercial bank
Accept deposits and offers withdraws
Contractual institutions Correct Answer-Insurance companies and pension funds
Money is deposited and held over long time then is withdrawn
Investment institutions Correct Answer-Investment Banks, underwriters,
brokerage firms
Deposit money, the money is invested The individual may lose/earn $
Pay lenders Correct Answer-Exist for profit Offer short term loans with high interest rates for those who might not be able to get a loan form the bank
Title pawn lenders Correct Answer-Short term high interest loan in which a car title is used as collateral
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller cracker. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $16.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
82871 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now