EPF Midterm Review

____ ____ employment is when an employee is working for at least 30 hours a week, or 130 hours per month.

• Part time

• Full time

• Contract work

• Gig work

Xavier has some extra gravel from a summer project he completed. His neighbor, Carlos, is upgrading his lawn mower. Carlos is willing to trade his lawn mower to Xavier for Xavier's gravel. What is this called?

• Gambling

• Royalty

• Barter

• Purchase

Niesha recently turned 70 and is ready to retire and collect money from the federal government. She paid into this program during her entire time in the workforce. What program is this?

• Obamacare

• Medicare

• Social Security

• Collateral

Kai's grandmother recently passed away. She left Kai $7000 as part of her estate. She also left Kai a new truck. This is called ________.

• Social Security

• Pension

• Inheritance

• Tax

What was the net (or take-home) pay for this employee for this pay 

period?

• $25, 953.20

• $499.10

• $2,160.08

• $670.00

You are starting your first job and you are asked to complete some paperwork on your first day. Which form will determine how much money is withheld from your paycheck for federal and state income taxes?

• 1040

• W-2

• W-4

• I-30

Which is an example of quality of life that is related to financial or career goals?

• Legal rights

• Education

• Size of home

• Expensive food

Which of these would be considered a VARIABLE cost when making a budget?

• Gas for car

• Car payment

• Mortgage payment

• $100 taken every month for savings

Which of the following statements most accurately defines the term “interest rate”?

• Discounts on purchases made with a credit card

• Money received from the Federal Government for filing taxes

• The level of attention that economists pay to economic activity at any one time

• Money paid by a borrower to a lender in exchange for the use of money

Going out and getting ice cream with your friends would be considered which of the following?

• A need

• A want

• Mandatory spending

• Fixed expense