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APEX Financial Literacy Final Exam Question with Complete Solutions
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APEX Financial Literacy Final Exam Question with Complete Solutions
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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Money is deposited and held over long time then is withdrawn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
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