FHCE 3200 COMPREHENSIVE EXAM 2026 QUESTIONS AND
SOLUTIONS RATED A+
✔✔false - ✔✔a payroll advance is the process by which an employer automatically
takes money from your paycheck and contributes it to a retirement plan or savings
account
✔✔save more tomorrow - ✔✔the financial strategy that encourages individuals to
commit to putting half of every future raise towards savings
✔✔social security - ✔✔which of the following does not represent a form of earnings?
✔✔33% - ✔✔based on the findings from the small business administration, what
percentage of small businesses are around after 10 years?
✔✔false - ✔✔the IRS does not want you to take full advantage of any deductions,
credits or any other favorable tax treatment that might be available and beneficial to you
✔✔taxes - ✔✔which of the following refers to financial obligations imposed on
individuals and businesses by government entities?
✔✔all of these answer choices are correct - ✔✔most working adults will pay the
following types of taxes over the course of a year:
✔✔flat rate system - ✔✔ebun lives in a country where all citizens pay the same tax rate
regardless of income. what type of tax system does her government have?
✔✔prevent tax fraud and the possibility of receiving a tax refund - ✔✔individuals should
file their taxes based on the following reasons:
✔✔sales tax - ✔✔the following form of taxation occurs whenever a person spends their
money on a good or service
✔✔false - ✔✔the IRS does not know how much I've earned if I do not file my taxes
✔✔check - ✔✔simply a written order to a bank to pay a third party
✔✔three elements when writing a check: - ✔✔1. the name of the person or company
that gets the money
2. the date
3. the amount to be paid. the amount needs to be recorded both in numerical and
written forms
, ✔✔bank routing numbers with a bank account number - ✔✔allows a check written in
one city at one bank to be cashed in another city at another bank
✔✔checks and check alternatives - ✔✔such as money orders, certified checks,
cashier's checks, and traveler's checks are rapidly being replaced with electronic
payments
✔✔advantages of checking accounts - ✔✔1. liquidity
2. direct deposit of paychecks
3. FDIC insurance
4. debit cards
✔✔liquidity - ✔✔quick and easy way to access cash
✔✔direct deposit of paychecks - ✔✔a way for an employer to transfer your earnings
directly to your bank or credit union account
✔✔FDIC insurance - ✔✔protection of all deposits up to $250,000 in case the bank or
credit union falls
✔✔checking account reconciliation - ✔✔simply the process of comparing your check or
debit card register with your monthly bank statement
✔✔electronic transactions - ✔✔quickly becoming standard
-debit cards and prepaid cards
✔✔traditional methods - ✔✔cash, coins, and checks
✔✔hybrid methods - ✔✔peer-to-peer (P2P) and automated clearing house (ACH)
✔✔automated clearing house (ACH) - ✔✔a nationwide network of financial institutions
that send each other credit and debit transfers electronically
-make up a high percentage of payments made in the United States
-generally preferred by employers to pay wages and by lenders to schedule loan
payments
✔✔credit transfers - ✔✔include wages, salaries, Social Security benefits, and tax
refunds
✔✔debit transfers - ✔✔typically are payments for mortgages, utility bills, and credit card
payments
✔✔zero liability - ✔✔lost or stolen card reported before unauthorized transactions
SOLUTIONS RATED A+
✔✔false - ✔✔a payroll advance is the process by which an employer automatically
takes money from your paycheck and contributes it to a retirement plan or savings
account
✔✔save more tomorrow - ✔✔the financial strategy that encourages individuals to
commit to putting half of every future raise towards savings
✔✔social security - ✔✔which of the following does not represent a form of earnings?
✔✔33% - ✔✔based on the findings from the small business administration, what
percentage of small businesses are around after 10 years?
✔✔false - ✔✔the IRS does not want you to take full advantage of any deductions,
credits or any other favorable tax treatment that might be available and beneficial to you
✔✔taxes - ✔✔which of the following refers to financial obligations imposed on
individuals and businesses by government entities?
✔✔all of these answer choices are correct - ✔✔most working adults will pay the
following types of taxes over the course of a year:
✔✔flat rate system - ✔✔ebun lives in a country where all citizens pay the same tax rate
regardless of income. what type of tax system does her government have?
✔✔prevent tax fraud and the possibility of receiving a tax refund - ✔✔individuals should
file their taxes based on the following reasons:
✔✔sales tax - ✔✔the following form of taxation occurs whenever a person spends their
money on a good or service
✔✔false - ✔✔the IRS does not know how much I've earned if I do not file my taxes
✔✔check - ✔✔simply a written order to a bank to pay a third party
✔✔three elements when writing a check: - ✔✔1. the name of the person or company
that gets the money
2. the date
3. the amount to be paid. the amount needs to be recorded both in numerical and
written forms
, ✔✔bank routing numbers with a bank account number - ✔✔allows a check written in
one city at one bank to be cashed in another city at another bank
✔✔checks and check alternatives - ✔✔such as money orders, certified checks,
cashier's checks, and traveler's checks are rapidly being replaced with electronic
payments
✔✔advantages of checking accounts - ✔✔1. liquidity
2. direct deposit of paychecks
3. FDIC insurance
4. debit cards
✔✔liquidity - ✔✔quick and easy way to access cash
✔✔direct deposit of paychecks - ✔✔a way for an employer to transfer your earnings
directly to your bank or credit union account
✔✔FDIC insurance - ✔✔protection of all deposits up to $250,000 in case the bank or
credit union falls
✔✔checking account reconciliation - ✔✔simply the process of comparing your check or
debit card register with your monthly bank statement
✔✔electronic transactions - ✔✔quickly becoming standard
-debit cards and prepaid cards
✔✔traditional methods - ✔✔cash, coins, and checks
✔✔hybrid methods - ✔✔peer-to-peer (P2P) and automated clearing house (ACH)
✔✔automated clearing house (ACH) - ✔✔a nationwide network of financial institutions
that send each other credit and debit transfers electronically
-make up a high percentage of payments made in the United States
-generally preferred by employers to pay wages and by lenders to schedule loan
payments
✔✔credit transfers - ✔✔include wages, salaries, Social Security benefits, and tax
refunds
✔✔debit transfers - ✔✔typically are payments for mortgages, utility bills, and credit card
payments
✔✔zero liability - ✔✔lost or stolen card reported before unauthorized transactions
