Career Prep 9 Weeks Study Guide

Zara goes to the mall with her friends, who all buy new shoes. Zara hadn’t planned to buy new shoes that today, but she bought shoes just like her friends. This is an example of

• peer pressure

• family dynamics

• personal preference

•   effective marketing  

Dawn has a retirement account. Which of the following best describes this account?

• asset

• liability

• net worth

• budget

In a budget, a(n) ____ is anything you owe.

• asset

• liability

• net worth

• budget

A(n) ____ is anything of value that you own.

• asset

• liability

• net worth

• budget

If Maddy’s gross pay is $500 this pay period and the Social Security tax is 6.2%, how much Social Security tax will be deducted from Maddy’s paycheck?

• $310.00

• $7.25

• $72.50

• $31.00

The ____ is the form employers use to inform you of the amount of money deducted from your paycheck in a given year.

• W4

• I9

• W2

• W9

If Chase worked 10 hours last week at $7.25 per hour, what is his gross pay?

• $725.00

• $43.00

• $72.50

• More info is needed

The total money you get to “take home” from your paycheck after taxes and deductions is _____.

• gross pay

• federal income tax

• state income tax

• net pay

The total money earned in your paycheck before taxes and deductions is _____.

• gross pay

• net pay

• federal income tax

• state income tax

Money earned regularly with little or no effort is known as

• earned income

• portfolio income

• passive income

• working income