PFL # 1a Earning an Income

What is the opportunity cost of dropping out of school?

• Having interesting hobbies
• Higher future income
• Lower future income
• A wider choice of jobs

Which of the following statements would NOT be considered human capital?

• The amount of money people have when they start a new job.

• The health, strength, education, training, and skills people bring to their jobs.

• The education a person obtains for their job.

• The time available to complete the job.

Which of the following is NOT a required payroll deduction?

• FICA
• State income tax
• Federal income tax
• Health insurance

Which of the following are subtracted from your gross pay?

• Federal income tax, insurance, and sales tax
• Social Security, Medicare contributions, and property tax
• Federal and State income taxes
• Federal income tax, social security and sales tax

Which of the following do many employers offer as benefits to employees?

• Health insurance
• Employee leave
• Retirement plans
• All of the above

John Smith has a gross income of $4295.00 and $644.25 in deductions. How much would John’s paycheck be this month?

• 4295
• 4939.25
• 3650.75
• 644.25

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CCSS.6.NS.B.3

A goal may be all of the following EXCEPT?

• variable term
• medium term
• short term
• long term

Setting a goal to purchase a new car in four years is the example of a _____ goal?

• short term
• medium term
• variable term
• long term

Which of the following statements is true?

• The gross pay is the amount for which a paycheck is written.
• When estimating income, you should be sure to include your savings.
• FICA is listed on your paycheck in addition to the amount you pay for Social Security.
• The more education a person has, the easier it will be for that person to find employment.

The BEST description of a budget is a

• financial tool for consumers who have very little money.
• set of restrictions on how you can spend your money.
• plan for saving and spending your money.
• statement of your assets and liabilities.