Unit 3 Test Review Consumer Math
Flashcard
•
Mathematics
•
12th Grade
•
Practice Problem
•
Hard
+1
Standards-aligned
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15 questions
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1.
FLASHCARD QUESTION
Front
What is discretionary income?
Back
Discretionary income is the amount of income left after all fixed expenses and taxes have been paid. It can be used for non-essential items.
2.
FLASHCARD QUESTION
Front
What are payroll deductions?
Back
Payroll deductions are amounts withheld from an employee's gross pay, which can include taxes, insurance, and retirement contributions.
Tags
CCSS.8.EE.A.4
3.
FLASHCARD QUESTION
Front
What is the FICA tax rate?
Back
The FICA tax rate is 7.65%, which includes Social Security and Medicare taxes.
Tags
CCSS.6.RP.A.3B
4.
FLASHCARD QUESTION
Front
How do you calculate net pay?
Back
Net pay is calculated by subtracting all deductions (taxes, insurance, etc.) from gross pay.
Tags
CCSS.6.RP.A.3D
5.
FLASHCARD QUESTION
Front
What are mandatory deductions?
Back
Mandatory deductions are required by law, such as federal income tax and FICA.
6.
FLASHCARD QUESTION
Front
What is a discretionary expense?
Back
A discretionary expense is a non-essential expense that can be adjusted or eliminated, such as entertainment or dining out.
7.
FLASHCARD QUESTION
Front
What is gross pay?
Back
Gross pay is the total amount earned by an employee before any deductions are made.
Tags
CCSS.6.RP.A.3B
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