Personal Finances Vocab Quiz

What is the full amount of pay received before withholdings and deductions?

• Net Pay

• Deductions

• Gross Pay

• Paycheck

What is the amount of pay remaining after deductions from a person’s gross pay?

• Gross Pay

• Net Pay

• Withholdings

• Pay Period

What are items withheld from a person’s pay, usually relating to benefits such as healthcare or retirement funds?

• Paycheck

• Deductions

• Net Pay

• Pay Stub

Which type of deductions are mandated by law and cannot be avoided by employees?

• Voluntary Deductions

• Mandatory Deductions

• Pay Period

• Paycheck

Which payroll deductions are chosen by the employee, such as 401(k) contributions or health insurance?

• Mandatory Deductions

• Voluntary Deductions

• Pay Period

• Income Tax

What is a check or payment for salary or wages?

• Pay Stub

• Deductions

• Paycheck

• FICA

What is the recurring schedule that determines how frequently a person is paid?

• Paycheck

• Pay Period

• Gross Pay

• Pay Stub

What is the tax applied to income depending on the wages, salaries, dividends, interest, and other income a person earns throughout the year?

• FICA

• State Income Tax

• Income Tax

• Federal Income Tax

What does FICA stand for?

• Federal Insurance Contribution Act

• Federal Income Contribution Act

• Federal Investment Contribution Act

• Federal Interest Contribution Act

What is a retirement plan offered by some employers that allows employees to save and invest in their retirement?

• SIMPLE IRA

• Paycheck

• 401(k)

• Labor Unions