Money Management

A plan for your money

• income and expense statement

• spread sheet

• budget/spending plan

• investment

Almost _______ of Americans spend more money than they earn.

• 20%

• 30%

• 40%

• 50%

Spending plans are used to help people:

• Identify income and expenses

• Track where money is going

• Set and meet financial goals

• All of the above

Purchasing meals at a fast food restaurant is an example of:

• income

• budget

• expense

• all of the above

Money earned is known as:

• expense

• need

• budget

• income

Which of the following is NOT true about taxes?

• Taxes are deducted from all employees paychecks

• Taxes are used to provide public goods and services

• Taxes are required charges of citizens by local, state and federal governments

• Taxes are deducted from some employees paychecks

Which document determines the amount of money withheld for taxes?

• Paycheck

• W-4

• I-9

• W-2

The Federal Insurance Contribution Act (FICA) includes which taxes?

• Fed OASDI/EE and Fed MED/EE

• Social Security

• Medicare

• All of the above

When you are first employed, you will need to fill out what two forms:

• I-9 and W-4

• W-2 and I-9

• W-2 and W-4

• Personnel form and I-9

The length of time for which an employee’s wages are calculated.

• weekly pay

• annual salary

• pay stub

• pay period