JCTC FYE Money Managment Quiz

Which of the following is considered a basic need?

• A new car

• a clothes dryer

• a place to sleep

• lunch at Steak and Bourbon

Which of the following factors can influence or change financial circumstances?

• a new baby

• education status

• pay raise

• all of the above

The total amount of money earned before payroll withholdings

• net pay
• gross pay
• payroll deductions
• none of these

Also known as take home pay, this is the amount left after all payroll deductions have been taken from the gross income

• gross pay
• withholdings
• net pay
• real pay

–Nation’s retirement program, helps provide retirement income for elderly and pays disability benefits

• State Tax
• Social Security
• 401K
• Federal Withholding

Which form of payment helps an employee know exactly which day his/her paycheck will  be deposited into their depository institution account?

• Paycheck with attached paycheck stub
• Direct Deposit
• Payroll Card

Which of the following is not true about the difference between credit cards and debit cards? 

• purchases made with a debit card come directly out of your bank account
• you must pay off your credit card bill monthly or there will be penalties 
• you must have a bank/checking account to use a debit card 
• credit cards use money from your taxes.

FIXED EXPENSES

• are expenses that do not change each month.

• are expenses that can go up and down each month.

• are differences between planned and actual income or expenses.

• describe how you will pay for achieving your personal goals.

VARIABLE EXPENSES

• are expenses that do not change each month.

• are expenses that can go up and down each month.

• is money added to a checking or savings account.

• are special checks that can be ordered from banks or other retailers of personal checks.

Which of the following is a benefit of having an investment account?

• Immediate access to funds without any penalties

• Protection against inflation

• Interest earnings on deposited funds