Test 2: Credit Card and Understanding Paystub

Gross pay

• Take-home pay
• Total amount of money before deductions or taxes
• Amount after taxes
• Net pay after deductions

1. What is Disposable income 

• Disposable income is the amount of money that is spent on non-essential items.
• Disposable income is the amount of money that households have available for spending and saving after income taxes have been accounted for.
• Disposable income is the total amount of money that a person earns in a year.
• Disposable income is the amount of money that businesses have available for spending and saving after income taxes have been accounted for.

What is Net pay ?

• Net pay is the amount of money an employer pays to the employee before taxes are deducted.
• Net pay is the total amount of money an employee earns before any deductions are made.
• Net pay is the amount of money an employee receives after all deductions have been added to the gross pay.
• Net pay is the amount of money an employee takes home after all deductions such as taxes, insurance, and retirement contributions have been subtracted from the gross pay.

What is Pay Deductions ?

• Bonuses added to an employee's paycheck
• Amounts subtracted from an employee's paycheck
• Health insurance provided by the employer
• Overtime pay received by the employee

What is Overtime at a job?

• A mandatory break after working a certain number of hours
• Regular pay for additional hours worked
• Additional hours worked beyond the regular working hours, usually compensated at a higher pay rate.
• Time off in lieu of extra hours worked

What is a Paystub?

• A paystub is a type of insurance policy
• A paystub is a type of tax form
• A paystub is a document provided by an employer to an employee, which outlines the employee's earnings and deductions for a specific pay period.
• A paystub is a type of bank account

What is Credit?

• Credit is the ability to borrow money or access goods or services with the understanding that you'll pay later.
• Credit is the ability to borrow money without the obligation to pay it back.
• Credit is the ability to access goods or services without the need to pay later.
• Credit is the ability to save money for future use.

What is Credit limit?

• The credit limit is the maximum amount of credit that a financial institution extends to a client, based on their creditworthiness.
• The credit limit is the maximum amount of cash that a financial institution extends to a client
• The credit limit is the maximum amount of debt that a financial institution extends to a client
• The credit limit is the minimum amount of credit that a financial institution extends to a client

1. What is a Credit score ?

• A credit score is a numerical representation of a person's creditworthiness.
• A credit score is a type of loan
• A credit score is a form of identification
• A credit score is a measure of income

What is Revolving credit

• Revolving credit is a type of credit that requires a large down payment
• Revolving credit is a type of credit that has a fixed interest rate
• Revolving credit is a type of credit that does not have a fixed number of payments.
• Revolving credit is a type of credit that is only available to individuals with perfect credit scores