HSFPP – Final Jeopardy Prepared by Heather Greenwood Careers Budgeting Saving/Inv Credit Insurance 500 100 500 100 500 100 500 100 100 500 100 100 100 1000 1000 1000 1000 1000

Which of the following is true about sales taxes? The Answer is: Which of the following is true about sales taxes? A) the government deducts it from your paycheck B) the national rate is 6% C) it makes everything more expensive to buy D) you don't have to pay if your income is low

What is A) the government deducts it from your paycheck? The Question is: What is A) the government deducts it from your paycheck?

Describe the difference between a W-2 and a W-4. The Answer is: Describe the difference between a W-2 and a W-4.

The Question is: What is a W-2 is a record of income over a year and W-4 is a form completed by the employee that indicates the amount of tax deducted from paychecks?

The Answer is: If you had a savings account at a bank, which of the following would be correct concerning the interest that you would earn on this account? A) you cannot earn interest until you pass your 18th birthday B) income tax may be charged on the interest if your income is high enough C) sales tax may be charged on the interest that you earn D) earnings from savings account interest may not be taxed

The Question is: What is B) income tax may be charged on the interest if your income is high enough?

The Answer is: Ron and Molly are the same age. At age 25 Ron began saving $2,000 a year while Molly saved nothing. At age 50, Molly realized that she needed money for retirement and started saving $4,000 per year while Ron kept saving his $2,000. Now they are both 75 years old. Who has the most money in his or her retirement account and Why?

What is Ron because of the Time Value of Money? The Question is: What is Ron because of the Time Value of Money?

The Answer is: Marie has just applied for a credit card. She is an 18 year old high school graduate with few valuable possessions and no credit history. If Marie is granted a credit card, what can the credit card company do to reduce ITS risk?

The Question is: What is start Marie out with a small line of credit to see how she handles the account or offer her a secured credit card?

The Answer is: Give an example of a circumstance in which it would be financially beneficial to borrow money to buy something now and repay it with future income.

The Question is: What is borrow money for a car that will allow you to travel to and from a higher paying job (answers will vary)?

Intermediate term goals can be accomplished in this many months. The Answer is: Intermediate term goals can be accomplished in this many months.

The Question is: What is 3-12 months?

The Answer is: PYF stands for this.

What is Pay Yourself First? The Question is: What is Pay Yourself First?

Ariel's card allows her to charge up to $500. This is called her __. The Answer is: Ariel's card allows her to charge up to $500. This is called her __.

The Question is: What is credit limit?

Give one example of each: a secured AND an unsecured loan. The Answer is: Give one example of each: a secured AND an unsecured loan.

Unsecured: credit card, signature loan? The Question is: What is: Secured: home, car Unsecured: credit card, signature loan? Answers will vary.