Yarin's gross pay for the year was $3,500. The federal income tax withholding from his pay was 9% of his gross pay. Yarin determined the federal income tax he owes is $115. How much of a refund can Yarin expect?
answer
$200
question
What term is used to describe an individual's money and personal property?
answer
assets
question
Emma has decided that she needs to assess the risk and return of buying an extended warranty for her new laptop for school. Which of these practical questions should she ask herself to assess the risk?
answer
Will the warranty cover the cost for any physical damage?
Is the cost of replacement less than the cost of the warranty?
Is the laptop worth the extra expense of the warranty?
question
Through the successful study of personal finance, an individual will be
answer
better prepared for potential problems.
question
In some cases, it is safe to avoid insurance because
answer
it may not be needed.
question
Which best describes the purpose of recording past income and spending in a budget?
answer
to serve as the basis for future planning
question
What does purchasing insurance for a business reveal about the business owner's attitude toward financial risk?
answer
It shows that the owner acknowledges the financial risks and is willing to pay every month to transfer the risk to an insurance company.
question
What is one cost of avoiding insurance?
answer
falling into debt if faced with a serious problem
question
Iliana's gross pay is $2,130 per month. Her deductions total $270. She budgets for $1,000 in fixed expenses and $400 in variable expenses. How much money will Iliana be able to save?
answer
$460
question
liability:
answer
a responsibility to pay for or fix a problem
question
A refrigerator is priced at $1,250. There are two options offered to reduce the price: either a 25% discount off the price or a rebate of $300. Which is the better choice, and what is the extra amount saved?
answer
The 25% discount is better; it saves $12.50 more.
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