Everfi - Financial Literacy
W-4 - ANSWER Tells your employer how much federal income tax to withhold from your
paychecks to send to the IRS
Benefits available from your employer - ANSWER Healthcare, paid time off, disability
insurance, and matching contributions to a retirement account
Gig Economy - ANSWER A flexible market that allows you to work short-term,
independent jobs
Possible tax or deduction which may show up on your paycheck - ANSWER Federal
income tax, Contributions to retirement savings, FICA
What do you need in order to fill out your 1040 - ANSWER W-2, Your routing and bank
number, A record of any other supplemental income
There is no relationship between the level of education received and lifetime earnings
(T/F) - ANSWER False
W-2 - ANSWER A document your employer sends you that tells you how much you've
made and how much you've paid in taxes in the last year
When considering a job offer, you should only consider how much you're being paid
before you accept the offer. (T/F) - ANSWER False
Net Pay - ANSWER The amount of money you're paid, after all taxes and deductions
are taken out of your paycheck is
Good ways to track your budget - ANSWER Notebook and pencil, Online software app,
Envelope method
In your budgeting process, you look at recurring expenses before reviewing your wants
(T/F) - ANSWER True
Things to consider when creating a budget - ANSWER Charitable donations,
entertainment expenses, and financial goals
Bank statements, credit statements, and records of cash expenses help you to estimate
your __. - ANSWER Expenses
Rounding up your expense estimates to add a buffer with help ensure you don't go over
your budget (T/F) - ANSWER True
Benefits of using a budget - ANSWER Helps keep track of money you receive, helps to
prioritize your spending, helps reach short- and long-term financial goals
Unexpected expenses should be planned for (T/F) - ANSWER True
Emergency Fund - ANSWER Helps you prepare for unexpected expenses
What should you consider when setting a budget - ANSWER Needs and wants
Going directly to a car dealer for a loan to keep things simple is a... - ANSWER Not
great because they typically offer higher interest rates
Using a loan could help you purchase a house (T/F) - ANSWER True
What is a benefit of having a good credit score? - ANSWER When you need a loan,
you'll have more loan offers to pick from
W-4 - ANSWER Tells your employer how much federal income tax to withhold from your
paychecks to send to the IRS
Benefits available from your employer - ANSWER Healthcare, paid time off, disability
insurance, and matching contributions to a retirement account
Gig Economy - ANSWER A flexible market that allows you to work short-term,
independent jobs
Possible tax or deduction which may show up on your paycheck - ANSWER Federal
income tax, Contributions to retirement savings, FICA
What do you need in order to fill out your 1040 - ANSWER W-2, Your routing and bank
number, A record of any other supplemental income
There is no relationship between the level of education received and lifetime earnings
(T/F) - ANSWER False
W-2 - ANSWER A document your employer sends you that tells you how much you've
made and how much you've paid in taxes in the last year
When considering a job offer, you should only consider how much you're being paid
before you accept the offer. (T/F) - ANSWER False
Net Pay - ANSWER The amount of money you're paid, after all taxes and deductions
are taken out of your paycheck is
Good ways to track your budget - ANSWER Notebook and pencil, Online software app,
Envelope method
In your budgeting process, you look at recurring expenses before reviewing your wants
(T/F) - ANSWER True
Things to consider when creating a budget - ANSWER Charitable donations,
entertainment expenses, and financial goals
Bank statements, credit statements, and records of cash expenses help you to estimate
your __. - ANSWER Expenses
Rounding up your expense estimates to add a buffer with help ensure you don't go over
your budget (T/F) - ANSWER True
Benefits of using a budget - ANSWER Helps keep track of money you receive, helps to
prioritize your spending, helps reach short- and long-term financial goals
Unexpected expenses should be planned for (T/F) - ANSWER True
Emergency Fund - ANSWER Helps you prepare for unexpected expenses
What should you consider when setting a budget - ANSWER Needs and wants
Going directly to a car dealer for a loan to keep things simple is a... - ANSWER Not
great because they typically offer higher interest rates
Using a loan could help you purchase a house (T/F) - ANSWER True
What is a benefit of having a good credit score? - ANSWER When you need a loan,
you'll have more loan offers to pick from
