# 1. What is renting? (0.5 points)..........?

Answer each question fully. Complete sentences are not necessary.

1. What is renting? (0.5 points)

2. What is a financial plan? (1.0 points)

3. What is income? (0.5 points)

4. What is a projection? (0.5 points)

5. What is a will? (0.5 points)

Lesson 2 (3.0 points)

1. What is a tax? (0.5 points)

2. What is the Internal Revenue Service? (0.5 points)

3. What is the capital gains tax? (0.5 points)

4. Give at least two examples of types of state taxes. (1.0 points)

5. What is a pay stub? (0.5 points)

Lesson 3 (3.0 points)

1. What is financial responsibility? (0.5 points)

2. Give at least two examples of utilities. (1.0 points)

3. What are features? (0.5 points)

4. What are benefits? (0.5 points)

5. What is a budget? (0.5 points)

Relevance
• 9 years ago

1. What is renting? (0.5 points)

-To pay money every set amount of time (month,year) for something. [e.g. Their son pays them \$150 a month to live in their summer home during college. He is renting the home from his parents.]

2. What is a financial plan? (1.0 points)

-A set plan to pay for something over time. If a car costs \$5,000. A financial plan could be set up to help you pay \$300 a month for the car. And It would be paid off in about 17 months. (If there is no rate of interest)

3. What is income? (0.5 points)

-Income is money received on a regular basis for a job. Normally the amount per year. [Their income is \$80,000 a year]

4. What is a projection? (0.5 points)

-A projection is, what something will be doing, or be 'at' during a set time in the future, IF things keep happening the way they are now. [e.g1. If James keeps forgetting to feed the cat, we are getting rid of it.] [e.g2. Because you are getting \$10 a hour at your job, and you get a pay raise of \$2 every year. A projection would be, in 10 years, you will be making \$30 a hour.]

5. What is a will? (0.5 points)

-A written statement (with the help of a lawyer) that explains the distribution of your earthly items once you die. [e.g. Mary and Frank inherited the house on Riddle Street because Grandma left it to them in her will]

Lesson 2 (3.0 points)

1. What is a tax? (0.5 points)

-A set percentage that is added to any price by the government. If a lamp costs \$10, and there is a tax rate of %8.25, then you will actually have to pay \$10.82 for the lamp. Taxes are collected by different agencies and applied to help many things.

[e.g. Because they live inside city limits, they must pay a city tax every year. This helps the city pay to plow the roads, fix potholes, run traffic lights...ect.]

2. What is the Internal Revenue Service? (0.5 points)

It is the bureau of the Treasury Department responsible for tax collections. (Essentially, it is the part of the government responsible for collecting taxes)

3. What is the capital gains tax? (0.5 points)

It is the difference between what you paid for an investment and what you received when you sold that investment.

4. Give at least two examples of types of state taxes. (1.0 points)

-Sales Taxes

-Personal Income Taxes

-Property Taxes

-Inheritance and Estate Taxes

5. What is a pay stub? (0.5 points)

-A sort of receipt of your paycheck. Normally attached below your check. Proves you were paid, and on what day.

Lesson 3 (3.0 points)

1. What is financial responsibility? (0.5 points)

-Being responsible with money.

2. Give at least two examples of utilities. (1.0 points)

-Heating

-Electric

-Water

3. What are features? (0.5 points)

-Anything pleasing or good about a thing. [e.g. This home features an indoor swimming pool and three bathrooms]

4. What are benefits? (0.5 points)

-Favorable things offered by an employer. [e.g. Bill decided against working at the local gas plant because Eye Care Insurance was not one of their benefits.]

5. What is a budget? (0.5 points)

-How much you make versus what you need to buy. [e.g. Jessica had to wait till next month to buy more paint to finish the living-room because she had already gone over her budget.]

(For future reference, it is much smarter if you study and learn the material on your own. I only had to google 2 terms listed here, and that was because I couldn't think of how to best describe them. These are all fairly common knowledge, and I never was in a financing class or anything like that. Just study and learn the material next time. :)

• 5 years ago

RE:

1. What is renting? (0.5 points)..........?

Answer each question fully. Complete sentences are not necessary.

1. What is renting? (0.5 points)

2. What is a financial plan? (1.0 points)

3. What is income? (0.5 points)

4. What is a projection? (0.5 points)

5. What is a will? (0.5 points)

...

Source(s): 1 renting 0 5 points: https://biturl.im/WeHML
• 6 years ago

I think 0.5 points is correct, because the measure of less than 1 isn't equal with 1

• fliger
Lv 4
3 years ago

Examples Of State Taxes