Personal Finance Unit

Front

What are the things that people really need?

Back

shelter, food, clothes, healthcare, transportation

Front

People work to earn money to pay for the things that they need and want. Identify another reason why people work. Choose the BEST answer

Back

Some people work to have social contact with other people, personal satisfaction & enjoyment, & to have something to do each day.

Front

Fixed amount of money or compensation for work performed.

Back

Salary

Front

This payment may be calculated at an hourly rate or based on an easily measured quantity of work done.

Back

Wage

Front

A commission is a percentage of a sale paid to a salesperson. Sometimes a commission can include a base salary.

Back

True

Front

What is the primary reason for banks like Wells Fargo & Citibank to be open?

Back

To earn a profit.

Front

Identify an example of a benefit. Options: health insurance, life insurance, disability insurance, paid vacation, employee stock ownership plans, bonuses, All of the answers listed are examples of benefits

Back

All of the answers listed are examples of benefits

Front

Income before all taxes have been deducted is known as this.

Back

Gross Income

Front

Income after taxes have been deducted is known as this.

Back

Net Income

Front

Taxes are automatically taken out of your paycheck. Which tax below is "specifically" used to support people who are disabled, unemployed, or over the age of 65? Options: State Income Tax, Federal Income Tax, FICA (Federal Insurance Contributions Act), Local Income Tax

Back

FICA (Federal Insurance Contributions Act)