Financial Algebra Quarter 2 Final Exam

Front

What is gross pay?

Back

Gross pay is the total amount earned by an employee before any deductions are taken out.

Front

What is net pay?

Back

Net pay is the amount an employee takes home after all deductions, such as taxes and benefits, have been subtracted from gross pay.

Front

Who is responsible for providing the W2 form?

Back

Your Employer is responsible for providing the W2 form.

Front

What is eviction?

Back

Eviction is the legal process through which a landlord removes a tenant from a rental property when the tenant does not voluntarily move out after receiving notice.

Front

If the rent is $800 and increased by 10%, what is the new rent?

Back

The new rent will be $880.

Front

What is a deduction in terms of income?

Back

A deduction is an amount that is subtracted from an employee's gross pay, reducing the amount of income that is taxable.

Front

What is the purpose of a W2 form?

Back

The W2 form reports an employee's annual wages and the amount of taxes withheld from their paycheck.

Front

What is the difference between fixed and variable expenses?

Back

Fixed expenses remain constant each month (e.g., rent), while variable expenses can fluctuate (e.g., groceries).

Front

What is a lease agreement?

Back

A lease agreement is a contract between a landlord and tenant outlining the terms of renting a property.

Front

What does it mean to sublease a property?

Back

Subleasing is when a tenant rents out their leased property to another person while still being responsible to the landlord.