Financial Planning

Gross income is:

• the total amount of money you earn

• the amount of money you receive after decuctions are subtracted

• the total amount of money

• an obscene amount of money

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

Net Income is?

• After Tax

• Before Tax

• Sales Tax

• Property Tax

Jen's average deduction rate is 18%.

Jen makes $47,000 annually gross income. What is her net monthly income?

• $8460

• $705

• $2938

• $3212

Which of these statements about gross income and net income is true?

• Gross income is a tax on all income that a worker earns, and net income is a tax paid by an employer based on a worker’s wages.

• Gross income is a tax paid by an employer based on a worker’s wages. and net income is a tax on all income that a person earns.

• Gross income is the amount an employee is paid after deductions and taxes, and net income is the total amount an employee earns before deductions are applied.

• Gross income is the amount an employee earns before deductions are applied, and net income is the amount an employee is paid after deductions and taxes.

How much is withheld from $45,580 annual gross salary when your deduction rate is 18%?

• $37,375

• $8204

• $8,375

• $8,225

Which dollar amount will always be higher? Net pay or Gross pay.

• Net pay

• Gross pay

This is the amount of money you have left after all tax withholdings and personal deductions have been subtracted from your check.

• Gross Pay

• Salary

• Net Pay

• Wages

Jerry bought a brand new car for $36,500, what will his car's value be 6 years later?

• $14,600

• $9,125

• $27,375

• $21,900

Which is not an example of a secured loan?

• Credit Cards/Student Loan

• Morgtage

• Car Loan