Personal Finance

Front

The amount of money that a person earns working at their job is called ______________.

Back

Income

Front

Which statement is true about gross income?

• Gross income is the amount of money you take home after taxes and insurance
• Gross income is the amount of taxes taken out of your paycheck
• Gross income is what you earn before taxes
• None of the above

Back

Gross income is what you earn before taxes

Front

Larry works 13 hours this week after school washing cars. He earns $74 but gets $19 in taxes deducted from his paycheck. Therefore, he takes home $55. The $55 check is an example of his ___________ income.

Back

net

Front

Sylvia's net pay is $2,876.50 with deductions: Insurance: $345.33, Medicare: $239.97, Social Security: $84.23. What is her gross pay?

Back

$3,546.03

Front

If payroll taxes and insurance were not deducted from your gross income, how would your net income change?

Back

It would increase

Front

Martin gets paid twice a month (every two weeks). His net income is $745.76 every pay check. What would be his total net income every month?

Back

$1,491.52

Front

What is a possible way for Ryan to save extra money every month? Options: Pay less on his mortgage (fixed expense), Pay less toward his health insurance (fixed expense), Spend less on variable expenses (wants), None of the above

Back

Spend less on variable expenses (wants)

Front

What kind of tax was added to Lacy's clothing store bill when it showed an extra $2?

Back

Sales Tax

Front

What type of taxes are paid to the federal government and due by April 15th every year?

Back

Income Tax

Front

Caleb planned an 8 week budget. He typically makes $46.00 every week walking dogs around the neighborhood. He went on vacation for a week, so he missed out on walking dogs that week. How much did he earn during his 8 week budget period?

Back

$322.00