Study Guide Unit 4 C.g

Front 1

Danny's new employer instructed him to come by the office and complete an Employee's Withholding Allowance Certificate. What type of form is this

Back 1

W-4

Front 2

Sharon's salary is deposited each month the twenty-eighth by her employer into her bank account. What form of payment for work is this ?

Back 2

Direct deposit

Front 3

LaTayzha has 5,500.00 for a purchase but the owner of the business will not accept cash. He recommends she goes to the bank and trades her cash for what type of payment

Back 3

Certified Check

Front 4

Amber made a purchase using her debit card at WalMart. When she looked at her monthly statement, it stated "Walmart POS". what does POS stand for?

Back 4

Point of Sale

Front 5

Brandon was given his grandmother's diamond ring. He wants to find a secure place to store it until he gets engaged. what type of financial service would help meet this need ?

Back 5

Safe Deposit Box

Front 6

Sam was told that he will receive his pay by direct. what benefit can Sam expect with this way of being paid ?

Back 6

Greater security/less likelihood of loss

Front 7

How do commercial banks and savings and loan associations compare ?

Back 7

Both may be chartered by state or federal governmnet

Front 8

Ruth authorized the bank to pay her phone bill each month from her account. Which E- banking service is this

Back 8

Direct withdrawal

Front 9

Jerry had 100 insurance and medical deductions with held from his pay each month. After also deducting 125 in taxes, Jerry's take-home pay was 475. the 475 amount is Jerry's

Back 9

net pay

Front 10

Tim had 52.37 of federal income taxes taken out his paycheck. what type of tax is this?

Back 10

Progressive

Front 11

Christine is purchasing a new Lexus with a check bought from the bank from her personal bank funds but is being guaranteed from the bank.

Back 11

Cashier's Check

Front 12

Warren does not have a personal checking account and does not like to carry cash when he shops. What should he do ?

Back 12

Use a credit card when he shops

Front 13

Dennie and Marie submit their federal income teaxes each year using the most common U.S. tax return. What type of form is this ?

Back 13

Form 1040

Front 14

Larry enclosed with his income tax returns a form showing all income he earned from his job during that tax year which form is this?

Back 14

W-2 form

Front 15

Celia is writing checks for her monthly bills. All of the following are important componetns of the checks she writes EXCEPT

Back 15

The time the check is written

Front 16

Jennifer does not have a checking ccount and needs to send 75$ to her sister in another town. what should she do

Back 16

Go to the bank and obtain a certified check

Front 17

Tremaine discovered that his new bank account was eligible for E-banking services.What type of services are available?

Back 17

Electronic Banking

Front 18

Dwayne used his debit card to pay for his groceries at the self-checkout station. which E-banking service is this?

Back 18

Point-of-sale transfer

Front 19

Darryl needs help with managing his inheritance. What type of financial service would meet this need?

Back 19

Financial counseling

Front 20

While in college, Don was paid minimum wage by the hour for part-time work. After graduating he earned a set amount per month. What forms of monetary compensation are these?

Back 20

Gratuities during college, wages after

Front 21

Elaine earned $200 this week form her base pay at Steak & lobster plus an additional $150 from tips. What forms of monetary compensation are these

Back 21

Wages plus gratuities

Front 22

Janet's accountant asked her to provide a copy of her Wage and Tax Statement as soon as she receives it from er employer. What type of form is this?

Back 22

W-2

Front 23

What do commercial banks and brokerage firms have in common

Back 23

Both offer help with investments

Front 24

Greg wants to be sure to protect his PIN number form being stolen. What should he do ?

Back 24

Be observant when using an ATM

Front 25

The Employment agency asked Nick to complete an Employment Eligibility Verification form to show that he was able to work in the United States. What type of form is this ?

Back 25

I-9

Front 26

Darrian needs 40.00 to pay club new tomorrow. Which banking service might he use ?

Back 26

ATM

Front 27

Sharon set up an account at a credit union because she could earn a higher rate of interest on money deposited there an at the local bank. What type of account is this?

Back 27

Checking account

Front 28

Maria received a form in the mail showing the interest she has earned on her bank accounts. which form is this

Back 28

1099-INT

Front 29

Ben receives a prepaid card for his salary and use the card to get cash at an ATM machine. What form of payment for work is this ?

Back 29

Payroll Card

Front 30

An advantage of traditional banking over E-banking is that:

Back 30

A personal check can only be used by the person named in the account.

Front 31

Paul is comparing services offered by his bank. An advantage of E-banking over traditional banking is that :

Back 31

E-banking is faster and accepted world-wide

Front 32

Micheal does not have bank account but he needs to send 200 to East Carolina University for a deposit. What form of payment would be the SAFEST for Michael to use in this scenario?

Back 32

Money Order

Front 33

What do commercial banks and credit unions have in common

Back 33

both are available to everyone

Front 34

Blake invested 200 in the federal government. What type of investment is this

Back 34

Certificate of deposit

Front 35

Keith needs to borrow 300,000 for purchase of a condo at Myrtle Beach. What type of financial service would meet this need ?

Back 35

Mortgage

Front 36

Wanda wrote a check with an incorrect amount. What should she do ?

Back 36

Tear up the check and write "VOID" beside that check number in the rgister

Front 37

When company profits were good, Earl and other section managers received an extra 1000 as a thank-you for good management practices. What form of monetary compensation is this ?

Back 37

Bonus

Front 38

Sherry just received her bank statement in the mail.what should she do ?

Back 38

Balance her checkbook

Front 39

Ben's receives his wages every week in a paper document showing pay deductions on the stub. What form of payment for work is this

Back 39

Weekly Paycheck

Front 40

Ashli is making a purchase at Belks but will not pay for it until the end of the month. What form of payment is she likely using ?

Back 40

Credit Card

Front 41

Sean earns 10% of the selling price of each pair of shoes he sells. What form of monetary compensation is this?

Back 41

Commission

Front 42

Sabrina was told that she would receive her pay by payroll card. What benefit can Sabrina expect with this way of being paid?

Back 42

24-hour access to funds