Personal Finance Ch 3

The amount of money you get in your paycheck after taxes are taken out is called your:

• Take-home pay
• Withholdings
• Benefit pay
• Gross income

All professions require a four-year college degree.

• true
• false

Non-wage compensation provided by your employer is called your:

• Withholdings
• Employee benefits
• Take-home pay
• Income

Studies show that you are likely to make more money over your lifetime with a college degree.

• true
• false

Someone who starts and runs his or her own business is called a(n):

• Entrepreneur
• Creditor
• Employee
• Manager

When it comes to selecting the right career, it is important to consider all of the following except:

• Your interests
• Your strengths
• What you love to do
• Which career your best friend has selected

Money which is taken out from your paycheck for taxes is called:

• Employee benefits
• Take-home pay
• Withholding
• Net pay

What percentage of teens wants to start their own business?

• 10%
• 27%
• 40%
• 75%

Which of the following is NOT a good way to discover information about a career that seems interesting to you?

• Ask questions of someone in that career
• Search the Internet for information
• Pick a career from a help-wanted ad
• Job shadowing or an internship in that career

Which are the correct amounts withheld for Social Security and Medicare taxes from a person’s paycheck?

• Social Security tax (8.2%), Medicare tax (2.45%)
• Social Security tax (10.2%), Medicare tax (4.45%)
• Social Security tax (3.2%), Medicare tax (3.45%)
• Social Security tax (6.2%), Medicare tax (1.45%)