Financial Math Post Test Review

Our tax money is spent on all of the following EXCEPT:

• Social Security

• The Military

• Private School Education

• National Parks

The W-4 form lets...

• the government know how much you paid in taxes last year

• your employer know how much to withhold from your paycheck

• the 3 major credit bureaus know how many dependents you have

• you know how much you paid in taxes last year

What statement defines gross income?

• Gross income is the amount of income after taxes are paid.
• Gross income is the amount of taxes paid.
• Gross income is the amount of income before taxes are paid
• Gross income is the amount of income of buying goods and services

Net income is:

• the total amount of money you earn

• the amount of money you receive after deductions are subtracted from your gross income

• the amount of money that is taken away in the form of taxes

• the hourly rate of pay

The money that goes into your pocket after taxes.

• Net pay
• Medicare
• Social Security
• Graduated income tax

Ms. Bush works at the bakery over the summer and has a salary of $3,000. After federal / state taxes, social security, and medicare are deducted, she takes home $2,500. Which of the statements is correct?

• Her gross pay is $2,500 and net pay is $3,000.

• Her gross and net pay are $3,000.

• Her gross and net pay are $2,500.

• Her gross pay is $3,000 and net pay is $2,500.

The main purpose of a W2 is

• To accept a new job

• To figure out your tax refund

• To state your salary

• To tell your employers how much taxes to take out of your check

What two forms are needed to file your taxes?

• W-4 and 1040

• W-2 and 1040

• 1040

• Pay stub and W-4

What are ways you can successfully prepare for a job interview?

• Arrive early

• Research the company

• Wing it

• Ask questions

• Prepare to answer tough questions

What is the purpose of a resume?

• To decide the best possible candidates to interview for an open job position
• To hire someone
• To fire someone
• To start a tickle fight