| A | B |
|---|
| Income taxes | The largest source of government revenue in the United States. |
| Progressive | Income tax is an example of which type of tax? |
| Regressive | Sales tax is an example of which type of tax? |
| Increase | As taxable income increases, income tax rates do what? |
| Dependent | A person who lives with you and receives support. |
| Payee | The person to whom a negotiable instrument is made payable. |
| Maker | The person who creates and signs a promissory note. |
| An Audit | An examination of tax returns by the IRS is called what? |
| Implied Agreements | Unwritten agreements that are legally binding and enforceable. |
| Co-signer | Person who promises to pya the debt of another person. |
| Fraud | Intentional misrepresentation of a material fact. |
| Counteroffer | When a person changes the terms of an offer, he/she has made a(n) _____________. |
| Three | The IRS can audit your tax returns for a period of ____ years (except in cases of fraud). |
| Proof of loss (fire, theft, property damage) | A personal property inventory is most commonly used for ________. |
| Loan or credit application | The most common purpose for a net worth statement is __________. |
| Variable expenses | Lunches, medical bills, personal care items and clothing are examples of _________. |
| Fixed expenses | House payments, rent, car payments and utilities are examples of __________. |
| 10 percent | Most financial experts agree that families shoud set aside at least ________ of the disposable income each pay period. |
| A budget | ________ is a plan to match spending with saving. |
| Negotiable | The word __________ means legally collectible |
