Personal Finance Exam
Authored by Ps. Elston
Social Studies
9th Grade
Used 10+ times
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77 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The FICA tax is used to fund: a) highways, national parks and national defense. b) state highways, state parks, state troopers and public education. c) street lights, fire and police protection and public education. d) Social Security and Medicare.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Gross pay is. a) the amount earned over a lifetime. b) the amount earned before deductions or taxes are taken out. c) the amount received after deductions and taxes have been taken out. d) computed by multiplying the number of hours by the hourly rate of pay, then subtracting federal and state income taxes.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A W-4 Form is: a) used by employers to determine the amount of income tax to withhold from employees' earnings. b) the form taxpayers must fill out if they paid more income tax than necessary and want a refund. c) is a form employers must provide to employees shortly after year-end to report annual income and withholding for the employee's tax return. d) a printed statement of the amount that an employee is paid.
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is a pay period?
time worked beyond an employee’s regular hours
the number of days an employee works and is paid for each paycheck
the day a person is paid
a fixed amount of money an employee is paid to do a job
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is gross pay?
a pay period of every 2-weeks with 26 pay periods per year
the amount of money earned before any deductions are subtracted
the amount of money left in a worker’s paycheck after deductions are taken out
the amount of money subtracted from a worker’s pay
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of these is an optional/voluntary deduction?
healthcare insurance
state income tax
Social Security tax
Medicare tax
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Multiplying a worker’s hourly wage amount and hours worked per pay period equals?
pay period
salary
gross pay
net pay
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