Financial Lit Chapter 1 Flashcard

Front

Which scenario BEST describes a pay period? Options: Maria plans to buy a new phone in three months. Jamal has taxes taken out of his paycheck. Olivia pays her utility bill every month. Ben gets paid once a month for the hours he worked.

Back

Ben gets paid once a month for the hours he worked.

Front

Which type of pay structure is typically associated with a fixed yearly amount and a consistent weekly schedule?

Back

Salary

Front

Which type of job is most likely to offer extra pay for working more than 40 hours a week? Options: a salaried job as a nurse, a contract-based graphic designer, an hourly retail position, a self-employed consultant

Back

an hourly retail position

Front

What kind of income does Sarah receive for her song used in a commercial?

Back

royalty

Front

You earn $12 per hour and receive 1.5 times your hourly wage for overtime. If you work 45 hours in a week, how much do you make that week?

Back

$540

Front

The amount withheld from Jamie’s salary for retirement savings is an example of what?

Back

deduction

Front

Which term refers to your earnings before any taxes or other amounts are taken out?

Back

Gross pay

Front

T/F: Some deductions are optional.

Back

True

Front

Which document do you complete to let your employer know how much federal income tax to withhold from your paycheck?

Back

W-4

Front

Sarah wants to check the total amount she has earned this year on her pay stub. Which abbreviation should she look for?

Back

YTD