Final Exam Career Prep (Carver 9)

Take home pay; your pay check after taxes have been taken out.

• Gross pay

• Federal Income Tax

• Net Pay

• State Income Tax

Name of the form employers use to inform you about how much money they deducted from your paycheck in a given year.

• W4

• W2

• I9

• W9

Total money earned before taxes and other deductions.

• Gross Pay

• Net Pay

• Federal Income Tax

• State Income Tax

Zach’s gross pay is $1,900.00. All of his deductions total $550. What is his net pay?

• $2450.00

• 1900.00

• $1350.00

• IDK

20/50/30 rule - Which portion is for saving?

• 20

• 50

• 30

• 40

20/50/30 rule - Which portion is for needs?

• 20

• 50

• 30

• 40

20/50/30 rule - Which portion is for wants?

• 20

• 50

• 30

• 40

If you discover that you have a budget deficit, how should you fix the problem?

• Increase inflows

• decrease outflows

• both increase inflows and decrease outflows

• it’s not really a big problem. Maybe it will fix itself

A budget deficit occurs when

• inflows are greater than outflows

• inflows are less than outflows

• inflows are equal to outflows

• inflows are equal to income

Money earned from working is

• working income

• earned income

• passive income

• portfolio income