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Financial Literacy Final Exam Practice Questions with Correct Answers
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  • Financial Literacy
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  • Financial Literacy

Career Planning is done. - Answer-throughout a lifetime Who pays taxes? - Answer-Anyone who has property, buys goods, or has a job What are the three main types of taxes? - Answer-income, sales, property What is Social Security? - Answer-a federal insurance program that provides benefits t...

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  • October 12, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • financial literacy final exam practice questions w
  • career planning is done answer throughout a lif

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  • Financial Literacy
  • Financial Literacy

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Financial Literacy Final Exam Practice
Questions with Correct Answers
Career Planning is done. - Answer-throughout a lifetime

Who pays taxes? - Answer-Anyone who has property, buys goods, or has a job

What are the three main types of taxes? - Answer-income, sales, property

What is Social Security? - Answer-a federal insurance program that provides benefits to
retired people and those who are unemployed or disabled.

When you pay taxes the government is taking money you earned to fund government
administration, social programs, law enforcement, parks & recreation, and other
programs that elected officials deem necessary. - Answer-True

Employees only pay into Social Security. - Answer-False

Federal, Social Security, and Medicare are all types of taxes. - Answer-True

The income an individual brings home is gross income. - Answer-False

The Social Security tax rate is 7.65%. - Answer-False

Sales taxes fund federal, state, and local government. - Answer-False

Short-term goals are: - Answer-accomplished in less than a year.

A record of income and expenditures for a given period of time is called a/an: - Answer-
budget

When budgeting, the first categories to consider are those that meet your: - Answer-
needs

In what category of a typical family budget do people spend most of their money? -
Answer-housing

Jason went to the store to only buy a gallon of milk. While waiting in the checkout line,
he saw a display for a new chocolate/caramel candy bar, so he bought it too. The candy
bar best represents what type of purchase? - Answer-impulse buy

A long-term goal is one that takes over 5 years to accomplish. - Answer-False

Spending wisely is a not a choice, but affected by many different things. - Answer-False

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