End of Quarter Review 1

The amount of money you receive after all voluntary and mandatory deductions are subtracted from your gross pay is:

• Hourly Rate

• Gross Pay

• Net Pay

• Benefits

The dollar amounts that are subtracted from your pay, whether mandatory or voluntary, are called:

• Wages

• Deductions

• Gross Pay

• Net Pay

Real estate agents may receive _______________ , which is a percentage of any sales that they make.

• Commission

• Tips

• Salary

• Inheritance

Social Security deductions on a paycheck are listed as FICA. FICA stands for:

• Federal Income and Cash Act

• First Inventors Commission Association

• Federal Income Committee Association

• Federal Insurance Contributions Act

Which of the following is NOT a type of unearned income?

• Inheritance

• Tips

• Birthday Gift

• Interest

Money deducted from your paycheck as ordered by a court of law or by the IRS is called:

• Commission

• Benefits

• Garnishment

• Overtime

Which of the following is NOT an example of employer-offered benefits?

• Retirement Contribution

• Paid Time Off

• Low-cost Health Insurance

• Inheritance

Money you owe to a financial institution or another person is called a debt or:

• Asset

• Liability

• Depreciation

• Interest

Money or something of value that you own is called:

• Asset

• Liability

• Appreciation

• Interest

Buying groceries is a _____ cost, meaning you expect to pay it each month but the price you pay may change from month-to-month.

• Fixed

• Variable