Foundations in Personal Finance Chapter 11

Which of the following are characteristics of an effective personal goal? 

• It should be determined by your friends or parents.
• It should be measurable and specific.
• It should be easy to accomplish.
• It should be vague.

What is the difference between gross pay and net pay? 

• Gross pay describes your pay after deductions; net pay is before.
• Net pay describes your pay after deductions; gross pay is before.
• Gross and net pay are the same.
• None of the above

Which of the following should not be a major consideration when it comes to selecting your career path?

• What your interests are

• What you are passionate about

• What your parents think you should do

• What you are naturally good at

Which of the following statements about goal setting is false? 

• You should make your goals challenging yet attainable.
• Once you've written your goals down, you should put the list away and check it in a year to see if you've achieved them.
• Your goals should have time limits.
• You should share your goals with the people closest to you.

The day that income tax filings are due in the United States: 

• April 15 
• June 15 
• December 1 
• January 1

During your first interview with a company, you should not: 

• Be personable and try to connect with the interviewer
• Bring extra copies of your resume
• Show interest and be enthusiastic
• Ask about salary

When a company hires you, you will fill out a ________ form. The information on this form is the basis for determining how much income tax should be withheld from your paycheck.

• W-4 
• W-2 
• 1040EZ
• 1040

This tax pays for benefits that workers and families receive for either Social Security or Medicare. 

• Excise tax
• Federal Insurance Contribution Act (FICA)
• State income tax
• Sales tax

The Internal Revenue Service (IRS) is the federal government agency responsible for: 

• Keeping the unemployment rate low 
• Tax collection and tax law enforcement
• Writing tax laws 
• Filling out your tax forms

When applying for a job, you should: 

• Provide a resume and cover letter 
• Follow up with the employer
• Present yourself well 
• All of these