Lesson 24 Quiz

Match the following

• Gross Pay

• The total amount of money an employee receives before taxes and deductions.

• Net Pay

• An expense that can be subtracted from a taxpayer's gross income in order to reduce the amount of income that is subject to taxation

• Deduction

• Your take-home pay, or the amount employees earn after all payroll deductions are subtracted from their gross pay

• Direct Deposit

• The electronic transfer of a payment directly from the account of the payer to the recipient's account

Match the following

• Pay Period

• A time frame used to calculate earned wages and determine when employees receive their paychecks.

• Paycheck

• A check for wages made out to an employee

• Time Management

• The ability to use one's time effectively or productively, especially at work

• Organization

• A document that shows the amount of money the employee earned and the amount of money removed for taxes and other withholdings.

• Paycheck Stub

• The act of putting things into a logical order to approach tasks efficiently.

What is it called when you get paid on the first and the fifteenth of every month?

• Weekly

• Bi-Weekly

• Semi-Monthly

True or False. Saving your paycheck stub can be helpful if you decide to take out a vehicle or home purchase loan

• True

• False

Why is organization important?

• Being organized helps you to prioritize the most important things

• Organization can help you arrive at appointments on time and take advantage of exciting events.

• Answers A and B are examples of the benefits of being organized.