Financial Planning Test--Part 1

What is gross income?

• Income after taxes

• Income before taxes

• Income that is tax free

• Income tax for the state

What is Net income?

• Income before taxes
• Income after taxes
• Income that is not taxed
• State taxes

What does IRS stand for?

• Income ready standards
• Income research service 
• Internet resource service 
• Internal revenue service

When should you fill out a W-4?

• When you quit a job
• When you have 401K benefits 
• When you start a new job
• Whenever you feel like it

Taxes are deducted from all employees paychecks

• true
• false

Deductions are also known as.....?

• withdrawals

• Withholdings

• Subtractions

• None of the above

If you worked 40 hours per week at $10 per hour, what is your gross income for the week?

• $227

• $4000

• $40

• $400

Which of the following is NOT a need?

• Food
• Clothes
• Netflix
• Shelther

A budget only works if.....

• You are willing to follow it
• if someone else creates it
• your parents give you money 

An example of a fixed expense is 

• Groceries
• Heat for your apartment
• Car payment
• Entertainment