Fin Mgmt M1-M4 review

Front

What is gratuity?

Back

Gratuity is a sum of money that restaurant customers give to wait staff for their service.

Front

Which item is not funded by taxes in your community?

Back

Bojangles is not funded by taxes in your community.

Front

What is a deduction?

Back

A deduction is money subtracted from gross pay for required taxes, employee insurance, and retirement benefits.

Front

When must you file your federal and state income taxes?

Back

You must file your federal and state income taxes by April 15th.

Front

How do you calculate gross pay?

Back

Gross pay is calculated by multiplying the hourly wage by the number of hours worked.

Front

If Mrs. Easton makes $8.00 an hour and works 30 hours, what is her gross pay?

Back

Her gross pay is $240.

Front

What is the purpose of taxes?

Back

Taxes are used to fund public services and infrastructure in the community.

Front

What is the difference between gross pay and net pay?

Back

Gross pay is the total earnings before deductions, while net pay is the amount received after deductions.

Front

What are some common deductions from a paycheck?

Back

Common deductions include federal and state taxes, Social Security, Medicare, and retirement contributions.

Front

What is the role of a budget in financial management?

Back

A budget helps individuals plan their income and expenses to manage their finances effectively.