Lesson 24 Quiz

Match the following

• Gross 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

• Direct Deposit

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

• Deduction

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

• Net Pay

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

Match the following

• Pay Period

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

• Paycheck Stub

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

• Organization

• A check for wages made out to an employee

• Time Management

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

• Paycheck

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

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.