Money Matters Fall Review Part 2

Front

What are the functions of money?

Back

medium of exchange, unit value, and store of value

Front

A demand deposit account is an account in which you can withdraw your money at any time

Back

True

Front

The form that lets your employer know how much to withhold from your paycheck

Back

W-4

Front

Also known as take home pay, this is the amount left after all payroll deductions have been taken out

Back

net pay

Front

FICA taxes are

Back

U.S. federal payroll taxes imposed on both employees and employers to fund Social Security and Medicare

Front

With this payment method, employers put the employee’s paycheck into the authorized employee’s bank account.

Back

direct deposit

Front

Helps provide retirement income for the elderly and pays disability benefits

Back

social security

Front

A health care program for the elderly and disabled

Back

medicare

Front

Which is bigger, gross pay or net pay?

Back

gross pay

Front

How much overtime pay did Jenny earn for 5 hours at time-and-a-half if she normally earns $20 an hour?

Back

$150